Brent oil buyers remain hopeful inside five-week-old channel
Although the weekly falling trend line probes Brent oil buyers of late, the commodity prices remain inside an ascending trend channel from May 27, not to forget staying beyond 100-SMA. The same joins an upbeat RSI line to keep buyers directed towards an immediate resistance line of $76.00. However, any further upside will be questioned by the stated channel’s upper line, close to $77.50. In a case where the oil bulls remain dominant past $77.50, the late October peak surrounding $78.00 may test the rally targeting the $80.00 psychological magnet.
Meanwhile, pullback moves become less concerned until staying beyond the 100-SMA level of $74.10, needless to mention the channel support of $74.50. Also acting as a downside filter is the $74.00 mark, a break of which will make the quote vulnerable to decline towards the mid-June lows near $72.00. It’s worth noting that Thursday’s US ISM Manufacturing PMI and Friday’s US NFP, not to forget Thursday’s OPEC+ meeting, become the key events for energy traders.
Meanwhile, pullback moves become less concerned until staying beyond the 100-SMA level of $74.10, needless to mention the channel support of $74.50. Also acting as a downside filter is the $74.00 mark, a break of which will make the quote vulnerable to decline towards the mid-June lows near $72.00. It’s worth noting that Thursday’s US ISM Manufacturing PMI and Friday’s US NFP, not to forget Thursday’s OPEC+ meeting, become the key events for energy traders.
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