Brent crude fall below 200 day moving average is not yet conclusive

Since the last update here on the immediate price action of Brent crude oil, the price has risen and then fallen below a technical support level that has been highlighted here for a few days now. That is the 200 day moving average and it is in place today at $81.28. Earlier today Brent had stalled a couple of times just ahead of $82.80. The high seen was set at $82.79 and since then the slide to below $81.28 delivered a session low at $81.22. A rebound from there took it back to a high at $81.80, but since then it has now challenged that support level again. It is fair to say; that the prior dip to $81.22 did not really constitute a break of any substance, but now we see if it will make a bolder move or not, below that important technical level. Brent for September delivery is currently trading at $81.44