Brent Technical Analysis: Probing 50% Fib hurdle, bulls need progress soon

Brent oil is again struggling to beat a key Fibonacci retracement hurdle, weakening the short-term bullish setup.

Daily chart

As can be seen, the black gold is mildly bid, but stuck at $68.65 – 50 percent Fibonacci retracement of the October-December sell-off.

Notably, that resistance has capped upside at least three times in the last ten days and is again playing a spoilsport even though the 50-day moving average (MA) is holding above the 100-day MA, signaling the path of least resistance is to the higher side.

Further, the struggle to beat the Fibonacci hurdle is taking the shine off the dragonfly doji (bullish candle) created on March 28.

The bulls, therefore, need progress soon in the form of a convincing break above $68.65 in the next few hours, else the repeated failure could trigger a sell-off toward the 50-day MA, currently at $65.04.

Trend: Neutral