Brent Technical Analysis
Brent markets are hanging around the $69 level, which, of course, is an area that’s been significant support and resistance. Also, the scene of a gap back at the beginning of the month of August. The 200 day EMA sits right around the $70 level. So, at this point, it’s close enough. I really need to see Brent break above there to get overly bullish.
Short-term pullbacks could be buying opportunities if you’re a short-term trader, but really at this point, we’re still at the top of a range. That hasn’t changed. $65 is the floor at the bottom, and we are nowhere near it. So, I think if we do start selling off, maybe short term short sellers might get involved in trying to drive it down there. But it looks like we’re trying to rally at least. So, we’ll just wait and see.
For a look at all of today’s economic events, check out our economic calendar.
