Brent is trading at $91.66 on the 4 hour chart following a recovery from the early August lows. Brent has crossed above the 50 EMA at $89.13 and the 100 EMA at $87.67, showing that the shorter term trend is in favor of the bulls. Price action has been trading in a range between $91.00 – $92.00 showing a period to consolidate after a strong run rather than a clear reversal.
Resistance levels are at $93.78, $96.58, $99.58, and $102.58. Sollution levels are at $90.56, $88.56, $86.56, and $84.56.
RSI is close to 60 and bullish, low in the overbought zone. Immediate resistance is at $93.78, and is followed by $97.30 and $102.02. support is at $90.17, which is followed by the EMA zone at $87.67 to $89.13, and $86.67 provides extra zone support.
Brent is currently bullish and stays above $90.17. A close above $93.78 would continue the bullish move and target $97.30. A break of the EMA at $87.67 would show that the recovery is losing steam and would open $83.30 as the next target.
