Brent: In recovery mode – $67.60 is the major resistance
Oil price gave an upside break through the symmetrical triangle, which is pointing to near term resistance zone between $66.40 (50.05 fib reaction) -$66.70 its 50MA. Weekly key resistance at $67.65 coincides with the 61.8% fib reaction.
Past three weeks price action remained within a narrow range With the daily RSI and oscillator studies remaining bearish. This suggests that rallied to resistance at $66.70-$67.60 should again attract the selling interest with support against the March 01st low at $63.10 and below that, the focus will move down to February 09th low $61.60.
Past three weeks price action remained within a narrow range With the daily RSI and oscillator studies remaining bearish. This suggests that rallied to resistance at $66.70-$67.60 should again attract the selling interest with support against the March 01st low at $63.10 and below that, the focus will move down to February 09th low $61.60.