Technical Analysis: Brent oil stays on the way to $76.25 despite recent pullback

Brent oil technical analysis July 30

Brent oil prices ease from the two-week top during early Friday. However, the British oil benchmark holds onto the three-week-old resistance breakout, marked the previous day. Given the firmer oscillators offering additional signals for upside momentum, a monthly horizontal area surrounding $76.25 is up for a challenge. However, any further advances become doubtful, which if portrayed could refresh the yearly top, currently surrounding $78.45, by rising towards the $80.00 psychological magnet.

Meanwhile, a daily closing below the resistance-turned-support line around $74.50 will redirect sellers toward the $72.50 and then to May’s high near $70.40. It should be noted, however, that the quote’s weakness past $70.40 will be challenged by the $70.00 round figure. If at all the Brent oil bears refrain from respecting the $70.00 mark, a convergence of 100-DMA and an ascending support line from March 23, near $69.75, will be crucial to observe.

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