- Brent has violated a bearish lower high.
- Black gold is eyeing test of key trendline resistance.
Brent oil is better bid at $67.20 at press time, the highest level since May 30.
Going by the hourly chart, the black gold has found acceptance above the bearish lower high of $66.84 created on June 26.
Therefore, the path of least resistance is to the higher side and prices could challenge resistance $68.76 (trendline connecting April 25 and May 20 highs currently at) in the next couple of days.
A convincing daily close above that trendline would mean the pullback from April highs above $75.50 has ended and the bulls have regained control.
The case for the test of the trendline hurdle, however, would weaken if the price drops below Wednesday’s low of $64.66.
Daily chart
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Trend: Bullish
Pivot points
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