Brent Oil Eyes Breakout: Key Resistance in Focus

In today’s Technical Analysis, let’s focus on Brent Oil, which is attempting a bullish reversal this week. So far, the recovery has been promising, with prices climbing to weekly highs. Oil has successfully broken above the green downtrend line, which had been limiting gains since mid-February.

Now, the focus shifts to the final key resistance, marked as the blue area around $71.7. A daily close above this level would confirm a bullish breakout, setting the stage for a rally toward the orange resistance at $74.2. Given the momentum behind this move, the chances of an upside breakout are looking increasingly likely. However, failure to clear this resistance could trigger a short-term pullback, keeping oil within its previous range.

Source: https://www.axiory.com/analytics/technical-analysis/brent-oil-eyes-breakout-key-resistance-in-focus