Is Brent Oil Ready To Go For A Higher High?
Looking at the short-term technical picture of
BRTUSD
on our 4-hour chart, we can see that the price is approaching a key resistance area, around the 81.50 hurdle, which is marked near the highest point of December 2023. At the same time, the price remains well above a short-term upside support line drawn from the lowest point of December. Although everything is pointing towards a move higher in the near term, we would still prefer to wait for a break above that 81.50 zone, in order to get comfortable with examining higher areas.
If that break happens, this will confirm a forthcoming higher high, potentially attracting even more bulls into the field. This could set the stage for
BRTUSD
to move towards its next key resistance barrier, at around 84.60. That barrier marks the high of November 30th. That level also acted as a good area of support on 1st, 2nd and 3rd of November.
Alternatively, to consider lower areas, a break of the aforementioned upside line would be needed. Additionally, a price-drop below the 77.82 hurdle, marked by the current lowest point of this week, could open the gateway for more bears to come through.
BRTUSD
may then slide to the 76.55 obstacle, a break of which might clear the path towards the 75.26 level, which is the low of January 8th.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
BRTUSD
on our 4-hour chart, we can see that the price is approaching a key resistance area, around the 81.50 hurdle, which is marked near the highest point of December 2023. At the same time, the price remains well above a short-term upside support line drawn from the lowest point of December. Although everything is pointing towards a move higher in the near term, we would still prefer to wait for a break above that 81.50 zone, in order to get comfortable with examining higher areas. If that break happens, this will confirm a forthcoming higher high, potentially attracting even more bulls into the field. This could set the stage for
BRTUSD
to move towards its next key resistance barrier, at around 84.60. That barrier marks the high of November 30th. That level also acted as a good area of support on 1st, 2nd and 3rd of November. Alternatively, to consider lower areas, a break of the aforementioned upside line would be needed. Additionally, a price-drop below the 77.82 hurdle, marked by the current lowest point of this week, could open the gateway for more bears to come through.
BRTUSD
may then slide to the 76.55 obstacle, a break of which might clear the path towards the 75.26 level, which is the low of January 8th. Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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