Brent crude oil (BRENT) prices experienced a slight dip in recent intraday trading, as the market attempts to build positive momentum ahead of a potential challenge to the critical resistance level of $64.80. This resistance mark serves as the neckline of a developing inverted head and shoulders pattern, a bullish technical formation that suggests an upward trend in the near term.
Supporting this potential move are favorable signals from relative strength indicators (RSI), coupled with the dominance of a corrective bullish wave. These factors align to create a positive outlook for Brent crude, with the possibility of breaking through the $64.80 barrier and continuing its upward trajectory.
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