- Brent oil is trapped in a no man’s land of $72.09-$69.26.
- A break above $72.09 needed to invalidate Monday’s bearish candle.
Brent oil is currently trading in a no man’s land and the outlook would turn bullish if the price finds acceptance above Monday’s high of $72.09.
That would invalidate Monday’s bearish candle and validate repeated defense of the 50-day MA seen last week and open the doors to retest of recent highs above $75.00.
On the downside, a move below $69.26 would reinforce the bearish view put forward by Monday’s bearish candle and allow a deeper sell-off toward $65.97 (March 22 low).
Daily chart
Trend: Bullish above $72.09
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