From the Brent Crude Oil Technical Analysis article, the price of Brent Crude is at $90.13 after rejecting the $94.78 resistance. The price is testing the lower boundary of the converging triangle around $90.00-$90.60. Price is also at the 50 period EMA around $90.68 and the 100 period EMA around $89.10. The $89.10 and $90.68 price action ranges will dictate the next move.
With the RSI at approximately 40, we see the current short-term control of the market by the sellers, while buying pressure has weakened. Levels of resistance are at $90.60, $94.78, $98.65, and $102.02, while levels of support are at $89.10, $86.76, $83.30,$ and $80.62.
I think that Brent is still weak as long as trades are below $90.60-$90.70. Breaking the $89.10 support level and the rising trendline would push the price close to $86.76. However, if the price moves back above $94.78, the bullish trend would continue.
