Oil Technical Analysis: Rising wedge breakdown favors re-test of lows seen yesterday

The 15-minute chart of brent oil shows a rising wedge breakdown, which indicates the corrective rally from the six-week lows hit yesterday has ended and prices could revisit $71.71 (previous day's low) today.
The path of least resistance is to the downside, indicates the trendline sloping downwards from the July 10 high and July 31 high. Only a daily close above the trendline resistance would put the bulls back into the driver's seat.

Omkar Godbole FXStreet Contributor

15-minute chart

Current Price: $72.46

Daily High: $72.57

Daily Low: $72.19

Trend: Bearish

Resistance

R1: $72.49 (June 18 low)

R2: $73.20 (5-day moving average)

R3: $73.57 (10-day moving average)

Support

S1: $72.19 (session low)

S2: $71.71 (previous day's low)

S3: $71.26 (July 18 low)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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