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Brent crude is currently attacking the key resistance level at $71.18. A breakthrough of this level represents a new positive impulse for the upcoming price action.
This level forms the neckline of a bullish technical pattern on the short-term chart—the double bottom—supported by its continuous trading above the 50-day simple moving average and positive RSI signals, despite reaching overbought territory.
Bullish Scenario:
Our forecast hinges on breaking the $71.18 resistance. If the price manages to break through, it is expected to continue its ascent toward the next resistance level at $73.90.
The positive scenario remains intact as long as the support at $69.50 holds.
Origin: Economies
