Oil Technical Analysis: Flag breakout shows scope for re-test of recent highs

Brent oil's hourly chart shows a bull flag breakout - a bullish continuation pattern - which indicates that pullback has ended and prices could soon revisit recent highs above $86.00.
The flag breakout also adds credence to yesterday's long-tailed candle which showed strong dip demand below $83.00.

Omkar Godbole FXStreet Contributor

Hourly Chart

Spot Rate: $84.24

Daily High: $84.46

Daily Low: $83.70

Trend: Bullish

Resistance

R1: $85.00 (psychological hurdle)

R2: $85.42 (Oct. 1 high)

R3: $$86.71 (recent high)

Support

S1: $83.70 (session low)

S2: $83.18 (previous day's low)

S3: $82.52 (Sept. 25 high)

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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