Technical Analysis: Bullish Pennant on 4-hour keeps Brent Oil buyers hopeful
Although repeated failures to cross a two-week-old resistance line disappoint energy buyers, a bullish chart pattern beyond the key SMAs keeps the Brent bulls hopeful. The bullish pennant gets confirmed with a sustained break of $45.20. Though, it becomes safe to place the long orders beyond the latest peak near $45.25 before targeting the monthly top close to $45.91 and $46.00 round-figures. During the quote's further advances past-$46.00, March 02 low close to $48.75 will be in the spotlight.
On the downside, the formation's support near $44.40 and 100-stick SMA around $44.20 can restrict the black gold's immediate declines. If at all the coronavirus (COVID-19) woes drag the oil prices below $44.20, 200-stick SMA level of $43.60 becomes the key as a break of which will recall the bears targeting July 30 low near $41.40.