Brent Crude BRENT technical analysis

BRENT trades at $106.43, below the 4h SMA20 of 108.222 but above the 1D SMA20 of 104.985, keeping the daily uptrend (SMA50 99.7822, SMA200 90.6346) intact. Momentum is mixed: 4h RSI14 at 54 against a stretched 1D RSI14 of 73.

The key battle is the 105.91-107.3 support zone, which has absorbed 8 touches and sits just under the rising 4h trendline near 106.79. Above, resistance runs from 108.065-108.395 through 108.42-108.81 and the 4h SMA20 at 108.222.

Bulls need price to hold above 105.91-107.3 and reclaim 108.222; a push through 108.42-108.81 would open 110.025-110.355. Bears need a break below 105.91-107.3; that would expose the rising 1D trendline near 99.1281.