US Brent Crude (spot) - Daily

Oil has rallied tremendously from the April lows and currently sits between the 50% - 61.8% Fibonacci. This means initial support does sit at 50% or $36.56 followed by further support at the lower Bollinger band $33.84. The first targets being $40.36 which is the upper Bollinger band, followed by $43.38 which is the 61.8% Fibonacci. MACD is trending lower but does show positive momentum possibly creeping up and turning positive in the coming days helping accelerate to the initial targets.