Due to the recent surge in Brent oil volume on the Swiss Foreign Exchange, a review of the technical situation has been done by Dukascopy analysts. In general the commodity price is set to continue the recovery on various timeframes. However, some periods of consolidation might occur.
In regards to the short term, the black gold price has reached the upper trend line of a dominant channel up pattern. However, the angle, at which the junior channel up reached the dominant resistance, suggests that the commodity price might still score additional gains.
Namely, if one looks at the chart, it can be seen that the commodity might gradually surge to the resistance cluster above the 65.00 mark.
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The Brent oil prices have declines, as it was expected. The reason for the decline was the meeting of the upper trend line of a dominant ascending channel pattern above the 64.00 mark at the start of November.
In general, the pair begun the decline, and it can be stated that it will reach for the lower trend line of the mentioned dominant pattern. However, Dukascopy analysts have not discovered a fully confirmed junior pattern, which would guide the commodity price lower.
Due to that reason and the close by support levels near the 61.00 level, sideways fluctuations are possible.
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Due to a noticed increase in demand for Brent oil trading on the Dukascopy Swiss Foreign Exchange Marketplace a review of the commodity price’s movements is being done.
In general, since the previous review of the commodity price it has finished its movements in the borders of a long term channel up pattern, which was marked in November. Instead of that a new pattern has formed, which has the form of a slightly tilted channel down.
Meanwhile, in regards to the short term, expect the decline down to the lower trend line of the mentioned channel after passing the 61.77 level, where the first weekly support is located at.