Brent oil approaches historical high

Note: This section contains information in English only.
Source: Dukascopy Bank SA


In December, the price for Brent crude oil revealed a support zone between the $65.00 and $70.00 levels. The zone was the catalyst for a surge, which by January 12 had almost reached the $85.00 mark.

A continuation of the surge of the commodity price was highly likely to test the resistance of the 2018 and 2021 high level at $86.73. If the price moves above the historical high, the crude oil benchmark would be located at levels not seen since 2014.

On the other hand, a decline of the price could look for support in the 50 and 200-day simple moving averages near $78.00 and $75.00. The SMAs have been observed to be capable of providing short term support and resistance. Below the SMAs, take into account the ascending trend line, which connects the 2021 low levels.
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