Brent Technical Analysis: Rising trendline breached, but bearish follow-through elusive
|- Brent charted an inverted hammer on Monday, neutralizing Friday's bearish breakdown.
- A move below $60.73 is needed to revive the bearish setup.
Brent oil is currently trading at $61.08 per barrel, representing a 0.25% gain on the day.
The black gold on Friday dived out of an ascending trendline connecting the Oct. 3 and Nov. 1 lows.
The breakdown, however, failed to embolden sellers on Monday. In fact, brent ended up neutralizing the bearish setup with an inverted bullish hammer.
The bearish case would be revived if prices find acceptance below Monday's low of $60.73. That will likely yield a sustained drop below $58.63 (Oct. 31 low).
On the higher side, a move above Monday's high of $62.06 is needed to validate the bullish inverted hammer and confirm a trend change.
Daily chart
Trend: Neutral
Technical levels
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