Brent oil could rise to $80.13 - Reuters News

Omkar Godbole FXStreet Contributor

Brent oil is solidly bid near the 3.5-year high of $79.45 and looks set to scale the $80.00 mark, according to Reuters technical analysis note.

Wang Tao, Reuters market analyst for commodities and energy technicals, sees scope for a rally to $80.13 as the resistance at $79.24 has been breached.

"On the daily chart, the bearish divergence on the RSI simply became invalid without causing a deep correction. Such exceptions have been observed when the uptrend is very strong", Tao adds.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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