Will Brent start to turn higher?
Brent is selling-off sharply since a post-election rally, with the price having experienced substantial volatility this week. Crucially, we saw this period of choppiness occur around the key $45.20 support region, which must be broken for the bearish outlook to come back into play.
Until then, there is a chance we could see Brent turn higher, with the 61.8% and 76.4% retracements worth watching as near-term resistance.
WTI rebound fading
Similarly, WTI has bounced from a crucial area of support; on this occasion $43.22-$43.50. We are seeing that rebound fade, yet given the fact this rally comes from a crucial support zone, it makes sense to either await a convincing break below $43.22 or else look for another leg higher.
Once more, the 61.8% and 76.4% Fibonacci support levels represent key support levels for that potential move higher.