Awaiting for the close to confirm this breakout. Of course this would be a trade. I am still of the opinion that a recession is coming (or we are already in one) and oil will struggle. Really only geopolitics can change that.
However, on Brent crude, we had a downtrend and failed to make more lower lows. Indicating that the buyers were stepping in and the trend was changing.
We appear to be getting a confirmed break above this resistance level. Just awaiting the close.
There is a flip zone at the 64.10 zone so watch how price reacts there.Otherwise 65 may be in the cards.
However, on Brent crude, we had a downtrend and failed to make more lower lows. Indicating that the buyers were stepping in and the trend was changing.
We appear to be getting a confirmed break above this resistance level. Just awaiting the close.
There is a flip zone at the 64.10 zone so watch how price reacts there.Otherwise 65 may be in the cards.