Brent may show signs of weakness
Oil has rallied impressively off the lows, but while it is above the 200-day SMA ($47.71) it has still to break $50 to get back above the rising 2016 trend.
With the price now overbought intraday we could see some weakness, but this could provide another buying opportunity. It would need a move below $46 to suggest a downtrend is beginning.
WTI buyers in control — for now
This commodity has hit the trendline from below once again, so now it needs to move above the $48 area to maintain momentum.
As with Brent, we could see a dip from intraday overbought levels, but for now the buyers look to have the upper hand.
Above $48 the price will head towards $49.53 and then $52.05. Bears will need to get the price back below $45.