Brent Crude Oil (WEEKLY); Resuming bullish trend
On the weekly chart this market lloks to have broken outside a bullish flag formation and is trying to settle at new highs. Ideally, bulls should try and transform the 80.00 level (previous resistance) into support on setbacks. 85.00 is a likely short-term target in this case, the top end of the newly drawn bullchannel, but also a calculated goal of the flag.
Looking further back 89.00 seems a tougher resistance and needs to give way before the magic 100.00 handle can be printed.
Looking further back 89.00 seems a tougher resistance and needs to give way before the magic 100.00 handle can be printed.
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