Brent's retreat from Tuesday's high kept the minor falling top formation on the daily chart intact, thus keeping doors open for a re-test of falling wedge support.
Failure in Asia to to extend gains above 5-dMA followed by a fall back below hourly 50-MA suggests prices may be on the way to $45.50 (wedge support).
On the higher side, only a day end closing above Thursday's high of $48.55 accompanied by strong volumes would signal a short-term bottom is in place and could yield bullish break from falling wedge formation.
Failure in Asia to to extend gains above 5-dMA followed by a fall back below hourly 50-MA suggests prices may be on the way to $45.50 (wedge support).
On the higher side, only a day end closing above Thursday's high of $48.55 accompanied by strong volumes would signal a short-term bottom is in place and could yield bullish break from falling wedge formation.
