Brent Technical Analysis
Brent markets are doing much the same, breaking above the $69 level. The $70.52 level is where we see the 200-day EMA. So, we may run into resistance earlier here, but we could go as high as $73. It’s a very volatile market right now, and there are lot of questions because there are questions about demand. There’s increased capacity coming out of Russia, OPEC, and the United States. So, it’s a weird balancing act where, at the moment, we’re trying to find the equilibrium.
For what it’s worth, before open outcry, we are almost 3 % higher as oil is finally starting to move again out of this very tight range that we had been in, but is still in the larger range. I’m still neutral on this market, although if we can hold these gains, it’s a very pleasant surprise for the bullish.
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