Technical Analysis: Brent oil buyers dominate inside gramophone pattern at 13-month top
Trading sentiment on the floor remains quite depressing as markets await Fed Chair Powell’s half-yearly testimony. However, the bullish chart formation on the four-hour play keeps Brent oil buyers hopeful, despite the latest pullback from $66.76. It should, however, be noted that the oil bulls need to stay away from $63.40 and $62.90 supports comprising 50-SMA as well the gramophone support. If at all the quote slips below $62.90, the $60.00 threshold and 200-SMA level of 58.60 will gain the market’s attention.
Meanwhile, the $67.00 round-figure should lure the short-term buyers before testing them by the gramophone’s upper end near $67.40. It’s worth mentioning that July 2019 peak surrounding $68.20 and the $70.00 will offer extra filters to the north of $67.40. If at all the oil buyers remain dominant past-$70.00, the previous year’s peak close to $72.30 should return to the chart.