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.

Omkar Godbole FXStreet Contributor

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

Brent Oil

Overview
Today last price	64.98
Today Daily Change	0.13
Today Daily Change %	0.20
Today daily open	64.85

Trends
Daily SMA20	61.44
Daily SMA50	61.5
Daily SMA100	63.59
Daily SMA200	64.09

Levels
Previous Daily High	65.64
Previous Daily Low	63.56
Previous Weekly High	63.98
Previous Weekly Low	59.1
Previous Monthly High	64.54
Previous Monthly Low	55.88
Daily Fibonacci 38.2%	64.85
Daily Fibonacci 61.8%	64.35
Daily Pivot Point S1	63.73
Daily Pivot Point S2	62.6
Daily Pivot Point S3	61.65
Daily Pivot Point R1	65.81
Daily Pivot Point R2	66.76
Daily Pivot Point R3	67.89

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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