Technical Analysis: Brent oil buyers need to defend $70.30 breakout to aim for $72.00

Technical Analysis: Brent oil buyers need to defend $70.30 breakout to aim for $72.00

Brent oil holds onto a weekly uptrend despite the previous day’s pullback moves. The British oil benchmark keeps the upside break of double-tops marked in May amid bullish MACD. As a result, the commodity buyers should stay hopeful to refresh the multi-month top, marked the previous day around $71.50. However, the following run-up needs validation from $72.30 comprising an early 2020 high.

On the contrary, a confluence of May’s double-tops and a short-term support line near $70.30, followed by the $70.00 threshold, restrict the immediate downside of the black gold. In a case where the quote drops below $70.00, 100-SMA near $68.50 adds to the downside filters ahead of confirming a bearish trajectory towards the mid-May bottom surrounding $66.70.

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