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  • The US-China trade truce has put a bid under riskier assets, including oil prices.
  • Brent is reporting 4 percent gains at press time. Notably, the rally has confirmed a bullish divergence of the 14-day relative strength index (RSI). Simply put, the sell-off from the October high of $86.71 likely ended at a low of $57.53 last week and the bulls have regained control.
  • Brent could test the immediate resistance of $64.69 (Nov. 13 low) in the short-term.
  • The short-term bullish view would be invalidated if prices fail to hold above the descending 10-day simple moving average (SMA), currently lined up at $60.86.

Daily Chart

Trend: Bullish

Brent Oil

Overview:
       Today Last Price:  62.32
       Today Daily change:  3.2e+2  pips
       Today Daily change %:  5.38%
       Today Daily Open:  59.14
Trends:
       Previous Daily SMA20:  63.65
       Previous Daily SMA50:  72.24
       Previous Daily SMA100:  74.81
       Previous Daily SMA200:  75.09
Levels:
       Previous Daily High:  60.41
       Previous Daily Low:  58.03
       Previous Weekly High:  61.5
       Previous Weekly Low:  57.48
       Previous Monthly High:  74.94
       Previous Monthly Low:  57.48
       Previous Daily Fibonacci 38.2%:  58.94
       Previous Daily Fibonacci 61.8%:  59.5
       Previous Daily Pivot Point S1:  57.98
       Previous Daily Pivot Point S2:  56.81
       Previous Daily Pivot Point S3:  55.59
       Previous Daily Pivot Point R1:  60.36
       Previous Daily Pivot Point R2:  61.58
       Previous Daily Pivot Point R3:  62.74