- 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.
Spot Rate: $84.24
Daily High: $84.46
Daily Low: $83.70
R1: $85.00 (psychological hurdle)
R2: $85.42 (Oct. 1 high)
R3: $$86.71 (recent high)
S1: $83.70 (session low)
S2: $83.18 (previous day’s low)
S3: $82.52 (Sept. 25 high)