Brent crude - short term bullish bias
The crude is slowly recovering after the sell-off in late September, we may expect the price to test the 50% (63.00) then the 61.8% (64.50) Fibonacci retracement levels successively. On the hourly chart, the price saw strong support around the moving averages during each pullback, the sentiment would stay optimistic as long as trend-followers buy the dips. The RSI indicator is yet to show any sign of over-extension suggesting there is still room on the upside.
Key support: 61.60
Key resistance: 63.00
The crude is slowly recovering after the sell-off in late September, we may expect the price to test the 50% (63.00) then the 61.8% (64.50) Fibonacci retracement levels successively. On the hourly chart, the price saw strong support around the moving averages during each pullback, the sentiment would stay optimistic as long as trend-followers buy the dips. The RSI indicator is yet to show any sign of over-extension suggesting there is still room on the upside.
Key support: 61.60
Key resistance: 63.00
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.