Brent technical analysis: Trades around $65 after defending key MA amid escalating tensions in gulf
|- Brent is looking north, having bounced up from 4H 50-candle MA.
- The black gold could challenge Thursday's high of $65.64.
A barrel of Brent oil is currently changing hands near $65, having bounced from the 4-hour chat 50-candle moving average on Wednesday.
Iran's Foreign Minister Mohammad Javad Zarif on Thursday warned that any attack by the United States or Saudi Arabia on Iran will result in an "all-out war". The escalating tension likely helped Brent defend the MA support.
The average was located at $63.16 two days ago and is now seen at $63.65.
Brent's bounce from the 50-candle MA looks set to gather traction as the 4-hour chart moving average convergence divergence is about to cross above zero, confirming a bullish reversal. The 5- and 10-candle MAs are also trending north, indicating bullish setup.
Prices could soon retest Thursday's high of $65.64. A violation there would expose $67.45 (July 11 high).
The bullish case would weaken if the support of the 4-hour chart 50-candle MA is violated.
4-hour chart
Trend: Bullish
Technical levels
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