Brent is hanging at $106.08, with its nose pressed firmly against a trendline that’s been acting like a bit of a ceiling. The candlesticks are showing a run of bullish bodies, which is a pretty good indication that it might just break through that downtrend after all. Resistance, of course, is sitting pretty just ahead at $107.28, and then there’s the even steeper wall of $111.58 to worry about. On the flipside, you have $100.00 down there as support, with a bit of a depths charge further down at $97.78.
That RSI of 58 is telling us that Brent’s got a bit of momentum going on, but not so much that it’s getting carried away just yet. And the moving averages? They’re converging – which could signal that the trend is about to change tack rather dramatically. Should Brent manage to close above $107.28, it’ll probably aim straight for $115.44, while failing to do so might see it slide all the way back down to $100.00.
