Brent oil looks for support near 100.00

Source: Dukascopy Bank SA


Throughout most of March, the price for Brent crude oil was massively volatile, as the Russian invasion of Ukraine has caused major moves in energy markets. In general, the price spiked to a zone at 130.85/133.15, before declining down below the 100.00 mark only a week after. Namely, the range of volatility was 36.18 USD during a couple of weeks.

In mid-March, the price made another attempt at surging, which reversed at 122.40/124.20. Afterwards, a decline occurred down to 102.30 level where the the 50-day simple moving average and the 2022 low level connecting trend line are located at. On April 4, the price was located near the 105.00 level, as the mentioned levels still acted as support.

If the commodity price is pushed up by the trend line and the 50-day simple moving average, a potential surge would highly likely encounter resistance at 122.40/124.20 and 130.85/133.15.

On the other hand, a move below the support levels is expected to look for support in the March low level zone at 96.70/98.00, before booking new low levels.
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