Looking at Brent Crude Oil Price, it’s a tough one to call for now technically.
Price does seem heavily overbought according to its 14 day RSI. Historically (10 years), it would’ve been unwise to bet on a continued run after the RSI breached the current 78 levels. Should we see a bit of a pull-back, $71 seems like first level to watch, with 200-day moving average $69.25 being major support.
Speaking of moving averages. Brent is getting mighty close to seeing a Golden Cross. On the upside, the $80 mark does seem like a pretty firm resistance level. Should we breakthrough $80, last year’s October highs of $87 suddenly becomes firm targets, with the 10-year diagonal resistance line at $91 being the major resistance level. Should we break those levels, I surely hope that most of you have filled your gas tanks by then already, because if you haven’t, you most probably won’t be able to afford it thereafter.
Price does seem heavily overbought according to its 14 day RSI. Historically (10 years), it would’ve been unwise to bet on a continued run after the RSI breached the current 78 levels. Should we see a bit of a pull-back, $71 seems like first level to watch, with 200-day moving average $69.25 being major support.
Speaking of moving averages. Brent is getting mighty close to seeing a Golden Cross. On the upside, the $80 mark does seem like a pretty firm resistance level. Should we breakthrough $80, last year’s October highs of $87 suddenly becomes firm targets, with the 10-year diagonal resistance line at $91 being the major resistance level. Should we break those levels, I surely hope that most of you have filled your gas tanks by then already, because if you haven’t, you most probably won’t be able to afford it thereafter.