Brent crude is currently around $83.53 following a consolidation phase that has the price boxed in by a bearish resistance line and a long-term bullish support line. The price of Brent crude is around the 50-period EMA ($83.61), holding below the 100-period EMA ($84.38). The short-term price trend is neutral, with a bearish sentiment. Recent candlesticks show a desire for buying above $82.17, and so far, there has been no success breaching the clustered resistance of $84.40-$86.33.
With an RSI around 53, there is no cause for concern as there is no overbought trend and there is room for more buying activity. Improving the overall sentiment of the market for Brent crude is a breach of the $84.38 level and the bearish resistance line, with the first target at $86.33, and the next target at $91.13. Lack of a breach of resistance will bring Brent crude back to $82.17, with the trend support line around $78.26.
