Brent oil consolidates gains from 13-month top around $61.00
Following its run-up to a fresh high since January 2020, Brent Oil wavers around $61.25 amid overbought RSI and sluggish markets. Given the fresh headlines suggesting US-China tension, coupled with the US stimulus gridlock, the commodity has reasons to look for a pullback. However, the yearly peak surrounding $60.26, followed by the $60.00 threshold, can test the sellers. Also acting as a downside filter is the 21-day SMA level around $57.30. If at all Brent sellers conquer the $57.30 support, the lower line of the three-month-old rising channel, currently around $56.70, becomes crucial.
On the upside, the latest high near $61.80 and the stated channel’s upper line close to $63.00 will lure oil buyers during the fresh rise. Although overbought RSI conditions and strong resistance of the channel may trigger pullback around $63.00, any further will risk a late-January 2020 high of $66.40 and the previous year’s peak surrounding $72.30. Overall, Brent oil buyers seem to overdo their duties amid hopes of economic recovery and supply outage, which in turn hints at the need for a pullback to keep the trading smooth.
On the upside, the latest high near $61.80 and the stated channel’s upper line close to $63.00 will lure oil buyers during the fresh rise. Although overbought RSI conditions and strong resistance of the channel may trigger pullback around $63.00, any further will risk a late-January 2020 high of $66.40 and the previous year’s peak surrounding $72.30. Overall, Brent oil buyers seem to overdo their duties amid hopes of economic recovery and supply outage, which in turn hints at the need for a pullback to keep the trading smooth.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.