BRENT 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Hitting highest levels since June 22 at 51.12 dollars per barrel, Brent Oil is likely to maintain its route northwards over the following trading sessions, as implied by the well developed upward channel pattern that has bound the commodity's movements for over a week now. Brent will test the daily R1 at $51.49 on its way to the channel's upper trend line at $51.83/84 in case the pattern holds. Even though neither the RSI nor the ADX signal an upcoming trend reversal, the lowering of highs still leave room for speculation whether the daily Pivot Point and channel bottom trend line cluster at $50.52 could be the next target of the commodity. For this to happen, Brent has to first break the support line at $50.78 established during the last trading session. A majority of BUY signals by daily technical indicators as well as an optimistic trader sentiment just affirms the prospect of a bullish trend continuation.
© Dukascopy Bank SA
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