Brent Oil Tests the 100-day MA
Brent Crude Oil price consolidates around the 100-day moving average as oil traders trying to estimate the time that needs to return at full capacity the Aramco facilities in Saudi Arabia after the drones attack.
Brent trading 0.10% higher at $64.09 per barrel while WTI is 1.08% lower at 58.70. On the technical side, the bullish Brent crude oil momentum holds as the price hovers above the major daily moving averages. On the upside oil immediate resistance stands at 64.98 daily high while more offers will emerge at 69 yesterday’s high. On the downside, support stands at 63.69 today’s low and then at 61.47 the 200-day moving average. If the price closes convincingly below that level, then the downward pressure can accelerate and reach the 56 low from August 7th. The RSI 14 index is also correcting fast down to 56 retreating from high’s at 70 level