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.

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