Brent crude (1H) - short term bullish bias
The oil price has climbed along the moving averages which have been solid support levels for a week. We would expect the rally to go on as long as these levels continue to attract trend-followers. After breaking above the psychological level of 66, sentiment remains buoyant while the RSI indicator fell back to cool down, and leave a breather for a new round of impulse on the upside. 66.50 would be the next target as more buying interests get into the action.
Key support: 65.20
Key resistance: 66.50
The oil price has climbed along the moving averages which have been solid support levels for a week. We would expect the rally to go on as long as these levels continue to attract trend-followers. After breaking above the psychological level of 66, sentiment remains buoyant while the RSI indicator fell back to cool down, and leave a breather for a new round of impulse on the upside. 66.50 would be the next target as more buying interests get into the action.
Key support: 65.20
Key resistance: 66.50