Brent crude - short term bullish bias
The crude is slowly recovering after the sell-off in late September, we may expect the price to test the 50% (63.00) then the 61.8% (64.50) Fibonacci retracement levels successively. On the hourly chart, the price saw strong support around the moving averages during each pullback, the sentiment would stay optimistic as long as trend-followers buy the dips. The RSI indicator is yet to show any sign of over-extension suggesting there is still room on the upside.
Key support: 61.60
Key resistance: 63.00
The crude is slowly recovering after the sell-off in late September, we may expect the price to test the 50% (63.00) then the 61.8% (64.50) Fibonacci retracement levels successively. On the hourly chart, the price saw strong support around the moving averages during each pullback, the sentiment would stay optimistic as long as trend-followers buy the dips. The RSI indicator is yet to show any sign of over-extension suggesting there is still room on the upside.
Key support: 61.60
Key resistance: 63.00