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In mid-January, the price for Brent crude oil passed the 2021 high level at 86.73. At the start of February, the commodity passed the 90.00 mark. On February 8, the price was retracing back down in the aftermath of booking a new high level the day prior.
If the commodity price continues to surge, the price for Brent crude oil could test the resistance of the 100.00 mark, which acted as support in late 2011 and throughout 2013. In addition, note that the round price level is set to have a strong psychological effect.
Meanwhile, a decline of the price might look for support in the 2021 high level at 86.73, before reaching the 50 and 200-day simple moving averages near 81.00 and 76.50.
Tue, 08 Feb 2022 10:43:04 GMT
Source: Dukascopy Bank SA
In mid-January, the price for Brent crude oil passed the 2021 high level at 86.73. At the start of February, the commodity passed the 90.00 mark. On February 8, the price was retracing back down in the aftermath of booking a new high level the day prior.
If the commodity price continues to surge, the price for Brent crude oil could test the resistance of the 100.00 mark, which acted as support in late 2011 and throughout 2013. In addition, note that the round price level is set to have a strong psychological effect.
Meanwhile, a decline of the price might look for support in the 2021 high level at 86.73, before reaching the 50 and 200-day simple moving averages near 81.00 and 76.50.