Brent crude (1H) - short term bullish bias
The oil price bounced off the demand zone near 58.20 as the RSI indicator recovered from the over-sold territory. The black gold completed an inverse head and shoulder pattern by breaking above the neckline. The target projection gives the immediate resistance around 59.70. The faster MA is crossing above the slower one as a confirmation of bullish sentiment. 58.70 will be a major support in case of a pullback to maintain the upside bias.
Key support: 58.70
Key resistance: 59.70
The oil price bounced off the demand zone near 58.20 as the RSI indicator recovered from the over-sold territory. The black gold completed an inverse head and shoulder pattern by breaking above the neckline. The target projection gives the immediate resistance around 59.70. The faster MA is crossing above the slower one as a confirmation of bullish sentiment. 58.70 will be a major support in case of a pullback to maintain the upside bias.
Key support: 58.70
Key resistance: 59.70