Brent oil crossed a downward-sloping resistance from mid-June to refresh the monthly top on Friday. However, a sustained break of the 100-day EMA, around $99.50 by the press time, as well as the $100.00 threshold, appears necessary for the buyer’s conviction. Following that, the black gold price could quickly rise towards the 50% Fibonacci retracement of the June-September downturn, near $105.00. In a case where the commodity remains firmer past $105.00, it can easily challenge the July 29 swing high surrounding $111.30.
Alternatively, pullback moves could aim for the previous resistance line, around $95.20 at the latest, a downside break of which could tease the sellers. In that situation, the bear could aim for the weekly support line near $91.50 before rushing toward the $90.00 round figure. It’s worth noting that the oil’s sustained trading below $90.00 won’t hesitate to revisit the multi-month low marked in September, around $83.25.
Overall, Brent oil prices recently overcame one key hurdle to the north but the buyers need validation.
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.