Brent regains ground, yet downtrend remains
Brent has managed to gain some ground overnight, following on from an extremely deep retracement past the 76.4% retracement. With that in mind, a break below $45.35 would point towards a break into a more bearish picture over the longer-term.
However, for the short-term, any rally looks like a short-term retracement within an intraday downtrend, with Fibonacci resistance worth watching out for. We would need to see an hourly close above $49.29 to negate the recent downtrend.
Until then, the downtrend is expected to resume.
WTI rally unlikely to last
WTI has similarly gained ground overnight, set within a clear short-term downtrend. This trend is expected to continue apace unless we see price post an hourly close above $47.59.
Should that occur, we would be looking for a possible bullish scenario. However, until that happens, another leg lower seems the likeliest scenario.