Brent Technical Analysis: Upside favored after bullish hammer

Omkar Godbole FXStreet Contributor

Brent oil created a classic bullish hammer, invalidating the bearish case put forward by the lower highs on the 14-day relative strength index (RSI) and the Doji candle created on Wednesday.

As a result, Brent could test the recent high of $68.68 and possibly break higher toward the 200-day moving average (MA) hurdle, currently at $69.71. The bullish crossover of the 50- and 100-day MAs confirmed on March 14 also indicates the path of least resistance is to the higher side.

A bullish-to-bearish trend change would be confirmed if prices close below $66.56 (low of the bull hammer candle). At press time, Brent is changing hands at $68.20 per barrel.

Daily chart

Trend: Bullish

Brent Oil

Overview
Today last price	67.51
Today Daily Change	0.24
Today Daily Change %	0.36
Today daily open	67.27

Trends
Daily SMA20	66.74
Daily SMA50	64.76
Daily SMA100	62.17
Daily SMA200	69.33

Levels
Previous Daily High	67.28
Previous Daily Low	65.91
Previous Weekly High	68.52
Previous Weekly Low	65.97
Previous Monthly High	67.84
Previous Monthly Low	60.47
Daily Fibonacci 38.2%	66.76
Daily Fibonacci 61.8%	66.43
Daily Pivot Point S1	66.36
Daily Pivot Point S2	65.45
Daily Pivot Point S3	64.99
Daily Pivot Point R1	67.73
Daily Pivot Point R2	68.19
Daily Pivot Point R3	69.1

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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