Brent is still growing within the bullish impulse at 111.67. There were two rebounds from 98.00, that’s why the daily chart has the potential for the formation of a Double Bottom reversal pattern. To complete the pattern, bulls have to fix above 125.00 – after that, they may continue pushing the price up to 150.00. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 107.55 and then resume moving upwards to reach 125.00. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border.
However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 100.00. In this case, the pair may continue falling towards 90.00.
