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The price of Brent crude oil maintains positive dynamics, moving in upward channels on the daily and weekly charts.
The price remains in the bull market zone, above the long-term support levels 56.50 (ЕМА200 on the weekly chart), 57.90 (ЕМА200 on the daily chart), 59.40 (Fibonacci level 61.8%) and short-term levels 68.24 (ЕМА200 on the 1-hour chart) and 67.40 (ЕМА200 on a 4-hour chart).
A breakdown of the local resistance level 70.30 will cause further price growth towards the local resistance levels 71.82, 75.50.
In an alternative scenario, and in the event of a breakdown of the support level 66.60 (ЕМА50 on the daily chart), the decline may continue to the levels 64.70, 61.40 (local lows), 59.40 (Fibonacci level 61.8% of the correction to the wave of a landslide price fall in October 2018 to, practically, the absolute lows at 15.55 in April 2020).
The breakout of the support levels 57.90, 56.50 will strengthen the negative dynamics and the likelihood of a return to the downtrend. The first signal for the implementation of this scenario will be a breakdown of the short-term important support level 68.24.
Support levels: 68.24, 67.40, 66.60, 64.70, 61.40, 60.30, 59.40, 57.90, 56.50
Resistance levels: 70.30, 71.82, 75.50, 86.60
Trading recommendations
Sell Stop 68.20. Stop-Loss 70.35. Take-Profit 67.40, 66.60, 64.70, 61.40, 60.30, 59.40, 57.90, 56.50
Buy Stop 70.35. Stop-Loss 68.20. Take-Profit 71.00, 71.82, 75.50, 86.60
