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Despite piercing the low level zone at 97.00/98.60 and the 200-day simple moving average, the price for Brent crude oil found support and recovered in mid-July. Support was found in the 95.00 level. On July 26, the commodity price was fluctuating above the 105.00 mark and appeared to face no resistance.
In theory, Brent crude oil might surge and encounter resistance in the combination of the 110.00 level and the 50-day simple moving average. A surge higher, could potentially stop at the 115.00 mark and the 2014 high at 115.70. Higher above, note the high level zones below 125.00 and above 130.00.
However, a potential decline of the commodity is set to first look for support in the previously passed 97.00/98.60 zone, before reaching the 95.00 and 90.00 levels.
Tue, 26 Jul 2022 12:00:01 GMT
Source: Dukascopy Bank SA
Despite piercing the low level zone at 97.00/98.60 and the 200-day simple moving average, the price for Brent crude oil found support and recovered in mid-July. Support was found in the 95.00 level. On July 26, the commodity price was fluctuating above the 105.00 mark and appeared to face no resistance.
In theory, Brent crude oil might surge and encounter resistance in the combination of the 110.00 level and the 50-day simple moving average. A surge higher, could potentially stop at the 115.00 mark and the 2014 high at 115.70. Higher above, note the high level zones below 125.00 and above 130.00.
However, a potential decline of the commodity is set to first look for support in the previously passed 97.00/98.60 zone, before reaching the 95.00 and 90.00 levels.