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Technical Update - Brent and WTI crude oil confirming uptrends with 8-10% potential
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Brent and WTI Crude oil closed Friday above key resistance levels thereby confirming uptrend on both short- and medium-term with 8-10% upside potential
Brent Crude oil closed Friday above key resistance at around 88.19.
RSI back above 60 threshold but showing divergence. However, the divergence co9uld very well be cancelled if RSI value is closing above the horizontal dashed line.
On the weekly chart Brent now has a confirmed uptrend – higher highs and higher lows, supported by RSI closing above 60 threshold. That is indicating likely higher Brent Crude levels in coming weeks.
There is no strong resistance until around 98.50-98.75.
However, the weekly 100 Moving Average currently at around 90.30 will provide some resistance
To reverse the uptrend a close below 81.94
WTI closed Friday above 84.89 thereby confirming uptrend on both daily and weekly chart. Weekly RSI also closed above 60 threshold supporting the bullish scenario.
No strong resistance until around 93.40-93.65.
Minor resistance at around 87.40
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