Brent crude (1H) - short term bullish bias
58.70 has proved to be a valid support level on the daily chart. The oil price rose back and broke through the psychological level of 61 with a strong momentum and filled the gap in the process. Combined with the bullish MA cross on Friday, we have a confirmation that the price could be turning around for this week. As the oil ventured into the over-bought area, a pullback is likely, and as long as the averages see buyers joining in, we may expect a rally towards 64.
Key support: 61
Key resistance: 64
58.70 has proved to be a valid support level on the daily chart. The oil price rose back and broke through the psychological level of 61 with a strong momentum and filled the gap in the process. Combined with the bullish MA cross on Friday, we have a confirmation that the price could be turning around for this week. As the oil ventured into the over-bought area, a pullback is likely, and as long as the averages see buyers joining in, we may expect a rally towards 64.
Key support: 61
Key resistance: 64