The Brent crude oil prices rose by 4.46% during the last one week. The pair breached both the 50– and 100-hour simple moving averages during this short period of time.
Currently, BRENT.CMD/USD is trading near a resistance level at 63.65. From a theoretical point of view, a pull-back is likely to occur within this trading session.
However, technical indicators flash bullish signals on both the smaller and the larger time frames.
The short-term target for the oil prices will be at a swing high of 63.65.
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