Brent Technical Analysis
Brent markets, of course, look very much the same as the market initially rallied but gave back those gains. And now it appears that we are going to go looking at the $68 level. The $68 level is an area much like I had just talked about in light sweet crude that ended up being both support and resistance. So again, if we can break above there, it’s a very good sign that we are going higher and probably much higher, perhaps even as high as $75. I think the whole world is kind of aware of this bottoming pattern.
So, it’s probably only a matter of time, but in the meantime, we do need to build up the pressure, build up confidence and those types of things in order to really get excited about buying into the crude oil markets as they of course have a lot of external factors such as the global slowdown, the global tariff situation, et cetera. And of course, they also have to deal with the fact that OPEC has flooded the market with supply.
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