Brent crude has remained above a cluster of key moving averages, with the 50-day moving average and 200-day moving average converging around $85/84. The move has kept the market’s upward momentum intact, as geopolitical tensions and higher energy prices have coincided with a broader bond rout. Prices are also testing a multi-month descending trend line, reinforcing the focus on near-term technical levels.
Key Support And Technical Structure
The next resistance is seen at a recent pivot high of $95, which also corresponds to a downside gap and is described as an interim hurdle. Holding the $85/84 support area would keep the bullish structure in place.
Upside Targets And Market Outlook
A sustained break above $95 would shift attention to the July high at $102, and then to further upside projections around $108/110.
