Brent oil is currently trading above $66.50 – the upper edge of the bull flag pattern seen on the 4-hour chart. A breakout would be confirmed if the current 4-hour candle closes above that level.
4-hour chart
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A bull flag is a pause that usually ends up accelerating the preceding bullish move. Brent, therefore, could rise well above $70 in the near-term if the flag breakout is confirmed.
The RSI on the 4-hour chart is closing on overbought territory but is well short of the highs above 82.00 registered on Feb. 15.
On the downside, a break below $65.56 (flag low) would confirm a bull-to-bear trend change on the 4-hour chart.
Trend: teasing bullish continuation
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