Brent technical analysis: Struggle for strong bounce from 50-day MA support continues

• Brent oil is struggling to post a strong bounce from the 50-day MA support.  
• The black gold has created a contracting triangle on 4-hour chart.  

Brent’s pullback from the April 25 high of $75.58 seems to have run out of steam at the 50-day moving average (MA) support. So far, however, a stronger bounce has remained elusive.  

Daily chart

As seen above, the 50-day MA support proved a tough nut to crack n three out of the last five trading days.  

While the immediate bearish outlook stands neutralized, a bullish reversal would be confirmed above $71.78 “” the high of Doji-like candle created on May 6.  

A convincing break above $71.78 would open the doors to retests the recent high of $75.58.  

A break above $71.78 could be seen if the contracting triangle seen on the 4-hour chart below is breached to the higher side.  

4-hour chart

The contracting triangle breakdown, however, would imply resumption of the sell-off from the recent high of $75.58.  

Trend: Bullish above $71.78

Pivot points