Brent oil trades below trend line

Source: Dukascopy Bank SA


Since the last review of the price for Brent crude oil on April 4, the price has passed below the support line, which guided the benchmark up throughout early 2022. Despite that, the price found support in the March low levels at 96.70/98.00 and recovered until it encountered resistance at 115.00.

In general, the commodity appears to have been consolidating in the 96.70/115.00 range since early April. On May 16, the price was once again heading to the resistance of the 115.00 level and the zone of high levels, which surround it.

A move above the 113.35/115.70 zone could encounter resistance in the March high level zones at 122.15/124.00 and 130.75/133.08.

On the other hand, a decline of the price for Brent crude oil might look for support in the 105.00 mark, the 2011 and 2013 low levels and the March and April low level zone at 96.70/98.00.
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