Brent Technical Analysis
Brent markets look very much the same as we are starting to reach the $69 level, which, of course, has been in resistance. Any move above there opens up the possibility of a move to the $70 level, where the 200-day EMA currently sits. Short-term pullbacks are possible, but really at this point in time, I don’t think we’ve got a situation where the trend changes, unless it changes to the upside.
The $65 level is a massive floor in the market, and I think it continues to be as such. Ultimately, the biggest problem that oil has right now is that there is a major oversupply from Russia, OPEC, and the United States. And of course, there are questions about whether or not the global economy is slowing down. If it is, that will put a bit of a lid on this market. But right now, nothing’s really changed other than we’ve shown a little bit of upward trajectory over the last couple of days.
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