Brent crude oil has continued last month’s strong recovery, and is currently trading nearly 10 per cent higher since the start of June.
Brent oil price technical analysis shows that the $50.00 resistance level remains the major medium-term target for bulls.
Brent oil medium-term price trend
Following its multi-decade price decline in April, the price of Brent oil has subsequently recovered by more than 150 per cent.
Brent oil price analysis shows that the $50.00 resistance level may soon come into focus.
The daily time frame shows that Brent crude oil’s 200-day moving average is located around the $50.00 resistance level.
Furthermore, Brent crude oil’s 2018 trading level is also found around the $50.00 level and becomes former key support turned key resistance.
Technical analysis on the daily time frame shows that key resistance above the $50.00 level is located at the $54.00 and $60.00 level.
Brent oil short-term price trend
Brent oil price technical analysis highlights that a short-term bullish trend is in place while the price trades above the $33.00 level.
The four-hour time frame currently shows that a bullish inverted head-and-shoulders pattern is in play.
According to the size of the bullish pattern, Brent crude oil could rally towards the $56.00 area.
Traders should note that a much larger inverted head-and-shoulders pattern will form on the lower time frames, if the price reaches the $60.00 resistance level.
Brent oil technical summary
Brent oil price technical analysis shows that further gains towards the $50.00 level are likely in the medium term. A bullish reversal pattern is also suggesting more short-term gains.
