Brent oil – Fresh rally attempts to break above five-day congestion

Slobodan Drvenica Windsor Brokers

BRENT OIL

Brent oil price surged above $57.00 barrier on comments from OPEC about further compliance on agreed oil production curb, ending five-day directionless trading. Fresh direction signal comes on today's rally after five consecutive Dojis, shifting focus towards the top of multi-week consolidation. Firm break above $58.36 (03 Jan high) is needed to signal resumption of recovery phase from $27.09 (20 Jan 2016 low) towards psychological $60.00 barrier (also near Fibo 76.4% of $70.31/$27.09, May 2015 / Jan 2016 descend). Daily studies are in full bullish setup and support further advance, however, overbought conditions on lower timeframes would signal hesitation on approach to key short-term barriers. Rising daily Tenkan-sen (currently at $56.19) is expected to contain extended dips and guard key near-term support at $55.55 (top of thick daily Ichimoku cloud).

Res: 57.42; 58.36; 59.00; 60.00

Sup: 56.80; 56.55; 56.19; 55.55

Interested in Oil technicals? Check out the key levels

1. R3 54.1333
2. R2 54.0667
3. R1 53.9433
PP 53.8767
1. S1 53.7533
2. S2 53.6867
3. S3 53.5633

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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