Brent Crude BRENT technical analysis

Brent is in a clear uptrend on the daily timeframe, with price above all key moving averages. Momentum is strong but overbought, as the 4-hour RSI14 reads 77 and the daily RSI14 is at 69.

The immediate battleground is the 99.2993-99.6007 support zone on the 4-hour chart, which has seen only one touch. Below that, the daily support shelf at 98.05-99 has three touches and offers more established footing. Resistance sits higher at 101.859-102.161 (one touch) and 103.709-104.011 (two touches).

For bulls to sustain the move, price must hold above the 99.2993-99.6007 zone and push through 101.859-102.161. Bears need a break below 98.05-99 to expose the 96.7593-97.0607 area, which has two touches, and then the rising trendline near 95.2662.