Oil Technical Analysis: Brent teases falling wedge breakout at $8.00

• Brent is currently trading at $80.00 and an acceptance above that level would confirm a falling wedge breakout. The bull breakout, if confirmed, would mean that brent has bottomed out near $78.55 (50% Fib R of the recent slide) and could yield a rally to $81.50.
• The bull breakout would gain more credence if prices find acceptance above the downward sloping 200-hour, currently located at $80.97.

Hourly Chart

Current Price: $80.00

Daily High: $80.05

Daily Low: $79.61

Trend: Bullish above $80.00

Resistance

R1: $80.25 (5-day EMA)

R2: $80.85 (10-day EMA)

R3: $81.50 (resistance as per the hourly chart)

Support

S1: $79.48 (50-day EMA)

S2: $79.24 (previous day's low)

S3: $78.73 (Oct. 18 low)