Brent oil – Symmetrical triangle on weekly chart
Brent’s sharp rise from the low of $45.67 (symmetrical triangle support) last week followed by a weekly close at $50.00 indicates the prices are likely to extend gains this week and test weekly 100-MA level of $50.79 levels.
However, we are unlikely to see a bullish break (weekly close) from symmetrical triangle since the weekly 100-MA is still sloping downwards.
Furthermore, the news that Iran is seeking higher exports and the fact that US drilling is on the rise could cap the gains in oil prices near weekly 100-MA.
On the downside, 5-WMA of $47.96 could act as a strong support.
However, we are unlikely to see a bullish break (weekly close) from symmetrical triangle since the weekly 100-MA is still sloping downwards.
Furthermore, the news that Iran is seeking higher exports and the fact that US drilling is on the rise could cap the gains in oil prices near weekly 100-MA.
On the downside, 5-WMA of $47.96 could act as a strong support.
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