Brent crude oil Analysis 12 August 2024

– Brent crude oil reversed from support zone

– Likely to rise to resistance levels 81.60 and 84.00

Brent crude oil recently reversed up from the support zone set between the strong support level 77,00 (which has been reversing the price from January) and the lower daily Bollinger Band.

The upward reversal from this support area created the daily Hammer and then the daily Piercing Line – which highlights the strength of this area.

Brent crude oil can be expected to rise further toward the next resistance level 81.60, the breakout of which can lead to further gains toward 84.00.