Brent technical analysis: Trades around $65 after defending key MA

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  • Brent is looking north, having bounced up from 4H 50-candle MA. 
  • The black gold could challenge Thursday’s high of $65.64. 

A barrel of Brent oil is currently changing hands near $65, having bounced from the 4-hour chat 50-candle moving average on Wednesday. 

The average was located at $63.16 two days ago and is now seen at $63.65. 

Brent’s bounce from the 50-candle MA looks set to gather traction as the 4-hour chart moving average convergence divergence is about to cross above zero, confirming a bullish reversal. The 5- and 10-candle MAs are also trending north, indicating bullish setup. 

Prices could soon retest Thursday’s high of $65.64. A violation there would expose $67.45 (July 11 high). 

The bullish case would weaken if the support of the 4-hour chart 50-candle MA is violated. 

4-hour chart

Trend: Bullish

Technical levels

 

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