Brent technical analysis: Looks north after defense of key support
|- Brent’s daily chart shows a double bottom breakout.
- The bullish view case has strengthened with the defense of support at $64.08.
Brent oil could rise toward $67.00 in the next few days, having reinforced last Thursday’s bullish breakout with the defense of the former resistance-turned-support of $64.08.
Brent oil charted a bullish marubozu candle and closed at $64.89 last Thursday, confirming a double bottom breakout. The big break opened the doors to $68.56 (target as per the measured move method).
So far, however, the bullish follow-through has remained elusive with the upside capped around $65.70.
That said, buyers have been able to defend the neckline support (former resistance) of $64.08 over the last trading days.
As a result, the outlook remains bullish and the black gold could rise toward $67.47 (100-day moving average) in the next few days.
Supporting the bullish case are the ascending 5- and 10-day moving averages. The case for a rise to $67.47 would further strengthen once prices find acceptance above Monday’s high of $65.78.
Daily chart
Trend: Bullish
Pivot points
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