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​Technical Analysis: Brent oil sellers can look for entries only below $41.30

Although a short-term symmetrical triangle restricts Brent oil's move off-late, upbeat RSI and MSCD signals keep the commodity buyer-friendly unless breaking a confluence of 100-SMA and 18-day-old horizontal line. That said, $42.35/30 can add filters to the quote's fresh downside, expected if the stated triangle doesn't withstand the declines below $43.45. It should also be noted that the energy benchmark's sustained weakness past-$41.30 needs a decisive break below the lows marked during November 06 and 03, respectively around $38.95 and $38.25, before attacking the monthly bottom close to $35.30.

Against this backdrop, the barrel of black gold remains positive with the triangle's resistance, at $44.55 now, acting as an immediate upside hurdle before November's peak surrounding $45.00. In a case where the oil bulls keep the reins beyond $45.00, highs marked during August, around $46.10, will be challenged while targeting the early-March low of $48.75. Overall, the buyers are having an upper hand over the bears even as the upside momentum has a slow pace.

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