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Oil Technical Analysis: Flag breakout shows scope for re-test of recent highs

  • Brent oil’s hourly chart shows a bull flag breakout -  a bullish continuation pattern – which indicates that pullback has ended and prices could soon revisit recent highs above $86.00.
  • The flag breakout also adds credence to yesterday’s long-tailed candle which showed strong dip demand below $83.00.

Hourly Chart

Spot Rate: $84.24

Daily High: $84.46

Daily Low: $83.70

Trend: Bullish

Resistance

R1: $85.00 (psychological hurdle)

R2: $85.42 (Oct. 1 high)

R3: $$86.71 (recent high)

Support

S1: $83.70 (session low)

S2: $83.18 (previous day’s low)

S3: $82.52 (Sept. 25 high)

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