Brent clings on
After a strong move higher this week crude is tempering its gains, although the steady progression of higher highs and higher lows on the hourly chart continues.
The next target, once through yesterday’s high at $50, would be the $51 peak. Dips towards the 50-hour simple moving average at $48.58 may well see buyers come back in.
WTI may be in for some weakness
A similar picture prevails here, although the hourly chart points to a possible bearish outlook. Although it has rallied, each surge has hit the underside of the August rising trendline, and so this could indicate more weakness ahead.
First-line support is possible around $46, where yesterday’s dip found buyers, and then below this around $44.60.