Brent crude (1H) - short term bullish bias
The crude oil successively broke above 59.30 and 59.60 while the faster moving average completed a bullish cross above the slower one. The price is likely to carry on its recovery after it met strong buying interests near the major daily level of 56. The RSI has fallen back from the over-bought area and we expect fresh buying rounds to kick in near the averages, which would provide critical support for an extended rally.
Key support: 59.20/58.50
Key resistance: 60.60/61.90
The crude oil successively broke above 59.30 and 59.60 while the faster moving average completed a bullish cross above the slower one. The price is likely to carry on its recovery after it met strong buying interests near the major daily level of 56. The RSI has fallen back from the over-bought area and we expect fresh buying rounds to kick in near the averages, which would provide critical support for an extended rally.
Key support: 59.20/58.50
Key resistance: 60.60/61.90