The oil market was higher than 5.60% in April and loved to continue its movement in the 1st trading session in May. Last month’s performance was the best since 2018.
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Looking ahead, Brent crude oil is trading above 100MA (Monthly) for the third month in a row, but a monthly close is required to stretch its arm at $74 and $80 levels. Easing restrictions in Europe and the US supports the sentiment, so it makes the oil demand.
Technically, higher lows and higher highs are clearly evident on the weekly chart, along with a double bottom pattern at $63.90. Against this backdrop, the Brent is unlikely to lose its height unless a double bottom pattern is taken out.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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