Brent Price Analysis: Oil hits two-month high

Brent hits over a two-month high price of $44 per barrel.
The daily chart shows a bullish channel breakout.

Omkar Godbole FXStreet Contributor

Oil prices reached two-month highs a few minutes before the press time, extending the weekly gain on optimism generated by the US drugmaker Pfizer's disclosure of positive results of its coronavirus vaccine.

Brent crude rose to $44.16, the highest level since Sept. 4.

The move comes a day after the black gold advanced 4.76%, confirming an upside break of the channel pattern represented by trendlines Sept. 18 and Oct. 9 highs and Oct. 2 and Nov. 2 low and opening the doors for a re-test of the Aug. 31 high of $46.50.

The breakout is backed by an above-50 or bullish reading on the 14-day relative strength index. Further, the MACD histogram is printing higher bars above the zero line, indicating a strengthening of the upward momentum.

The bullish bias would be invalidated if oil ends Wednesday below $41.72 (Tuesday's low).

Daily chart

Trend: Bullish

Technical levels

Brent Oil

Overview
Today last price	44.16
Today Daily Change	0.50
Today Daily Change %	1.14
Today daily open	43.72

Trends
Daily SMA20	41.37
Daily SMA50	41.75
Daily SMA100	42.89
Daily SMA200	40.54

Levels
Previous Daily High	43.82
Previous Daily Low	41.96
Previous Weekly High	41.64
Previous Weekly Low	35.85
Previous Monthly High	43.76
Previous Monthly Low	37.31
Daily Fibonacci 38.2%	43.11
Daily Fibonacci 61.8%	42.67
Daily Pivot Point S1	42.51
Daily Pivot Point S2	41.3
Daily Pivot Point S3	40.64
Daily Pivot Point R1	44.37
Daily Pivot Point R2	45.03
Daily Pivot Point R3	46.24

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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