Brent oil has charted a pennant pattern on the hourly chart. An upside break would signal a continuation of the rally from the low of $82.52 and may yield a break above the recent high of $85.42. The stacking order of the 50-hour exponential moving average (EMA), above the 100-hour EMA, above the 200-hour EMA, indicates the path of least resistance is on the higher side. The hourly chart relative strength index (RSI) has regained bullish bias and is again trending north. As a result, oil could see a pennant breakout in the next few hours. The ascending 10-day EMA of $82.50 could come into play if the pennant is breached to the downside. Hourly Chart Current Price: $84.91 Daily High: $84.94 Daily Low: $84.59 Trend: Bull breakout likely Resistance R1: $85.00 (psychological hurdle) R2: $85.42 (Oct. 1 high) R3: $86.00 (zero level) Support S1: $84.35 (previous day’s low) S2: $83.85 (bullish 5-day EMA) S3: $82.50 (ascending 10-day EMA) FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY sits at session tops, inching back closer to 114.00 handle FX Street 4 years Brent oil has charted a pennant pattern on the hourly chart. An upside break would signal a continuation of the rally from the low of $82.52 and may yield a break above the recent high of $85.42. The stacking order of the 50-hour exponential moving average (EMA), above the 100-hour EMA, above the 200-hour EMA, indicates the path of least resistance is on the higher side. The hourly chart relative strength index (RSI) has regained bullish bias and is again trending north. As a result, oil could see a pennant breakout in the next few hours. The ascending 10-day EMA… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
