{"id":14391,"date":"2021-08-27T07:08:00","date_gmt":"2021-08-27T06:08:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=14391"},"modified":"2021-08-27T21:03:43","modified_gmt":"2021-08-27T20:03:43","slug":"brent-crude-technical-analysis-traders-are-becoming-too-bullish-2","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/brent-crude-technical-analysis-traders-are-becoming-too-bullish-2\/","title":{"rendered":"Brent Crude Technical Analysis &#8211; Traders are becoming too bullish"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"14391\" class=\"elementor elementor-14391\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-278fa59 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"278fa59\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-af556e2\" data-id=\"af556e2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9af9e02 elementor-widget elementor-widget-text-editor\" data-id=\"9af9e02\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3lbITN6\" target=\"_blank\" rel=\"noopener\">Brent <\/a>crude oil has been staging a big rebound above the $70.00 resistance level as concerns about global demand started to ease while a major outage in Mexico support higher oil prices.<\/p><p>The major outage took place after a fire at a Mexican platform, which killed five workers on an\u00a0<a href=\"https:\/\/www.pemex.com\/saladeprensa\/boletines_nacionales\/Paginas\/2021-195_nacional.aspx\">offshore platform<\/a>\u00a0operated by Mexico\u2019s state oil firm Pemex, and injured another six. The platform and 125 wells reduced Mexico\u2019s crude oil production by\u00a0<a href=\"https:\/\/www.reuters.com\/business\/energy\/one-dead-five-missing-after-pemex-offshore-platform-fire-2021-08-23\/\">421,000 barrels per day<\/a> and could take a long time to restart.<\/p><p>ING strategists commented about the recent supply shock incident \u201cAn extended outage would likely be supportive for heavier grades of <a href=\"https:\/\/bit.ly\/3y7ssnv\" target=\"_blank\" rel=\"noopener\">crude oil<\/a>, with reduced output tightening the market for heavier crude oil.<\/p><p>Oil price have also been receiving a boost on the pushing back of tapering QE expectations and the <a href=\"https:\/\/bit.ly\/3eUSCAy\" target=\"_blank\" rel=\"noopener\">Pfizer<\/a>-BioNTech COVID-19 vaccine, which became the first vaccine to get full approval from the FDA. <a href=\"https:\/\/bit.ly\/3wsfLnp\" target=\"_blank\" rel=\"noopener\">US dollar<\/a> weakness ahead of Jackson Hole has also been a tailwind for oil prices this week.<\/p><p>On the technical front, Brent crude has scope to recover higher, however, the recovery is highly dependent on market sentiment and what the data is saying in regard to the global economy. And particularly China, which the oil market is very sensitive towards for obvious reasons.<\/p><p>Market sentiment towards Brent Crude is still extremely bullish, which typically bodes ill for Brent oil, and could hint at the recovery being overheated, or at least the fact that the latest move above $70.00 may be just a relief rally.<\/p><p>The ActivTrader Market Sentiment tool shows that some 75 percent of traders are bullish towards further gains in Brent oil. This is a worrying sentiment extreme. We probably need to see sentiment dropping significantly before a sustainable rally above $71.00 can take hold.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-92a6085 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"92a6085\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f78a60a\" data-id=\"f78a60a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-189caef elementor-widget elementor-widget-image\" data-id=\"189caef\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3lbITN6\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"302\" height=\"109\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/08\/brent-chart-1.png\" class=\"attachment-large size-large wp-image-14394\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-aacb02c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"aacb02c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fc5b363\" data-id=\"fc5b363\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-79a2e05 elementor-widget elementor-widget-text-editor\" data-id=\"79a2e05\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Brent Crude Oil Short-Term Technical Analysis<\/strong><\/p><p>According to the four-hour time frame Brent crude is trading back above a large symmetrical triangle pattern, following a notable downside break last week. This is actually very bullish.<\/p><p>The overall size of the bullish this pattern is predicting a coming $5.00 price move to the upside. Bulls need to hold the price above the $70.00 level to keep the breakout activated.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d0e2587 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d0e2587\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-af1cea0\" data-id=\"af1cea0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ffd2430 elementor-widget elementor-widget-image\" data-id=\"ffd2430\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3lbITN6\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"342\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/08\/brent-4h-1.png\" class=\"attachment-large size-large wp-image-14396\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1b3d7197 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1b3d7197\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-41789dfb\" data-id=\"41789dfb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-aa5618 elementor-widget elementor-widget-text-editor\" data-id=\"aa5618\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3lbITN6\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6a08f54 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6a08f54\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e4c633e\" data-id=\"e4c633e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1f8ac12 elementor-widget elementor-widget-text-editor\" data-id=\"1f8ac12\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Brent Crude Medium-Term Technical Analysis<\/strong><\/p><p>Looking at the daily time chart, a potential large, inverted head and shoulders pattern, with over $10.00 upside potential, remains the central focus of medium traders.<\/p><p>A move above the $77.00 level would likely take Brent crude towards $90.00. The much bigger picture could see Brent reaching $100.00 in future if the pattern plays out to its full upside projection.<\/p><p>Much will depend how Brent acts around the $70.00 to $75.00 price range over the coming days and weeks. I suspect in September Brent will make a big move.<\/p><p>It should be added that much will depend on the fundamentals, as oil will probably need to see the United States and Chinese economy recovering in order to drive demand.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6196d3d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6196d3d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-89e03a3\" data-id=\"89e03a3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9c0078e elementor-widget elementor-widget-image\" data-id=\"9c0078e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3lbITN6\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"340\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/08\/brent-1d-1.png\" class=\"attachment-large size-large wp-image-14397\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-69aed960 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"69aed960\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1d4fcf34\" data-id=\"1d4fcf34\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-114262a5 elementor-widget elementor-widget-text-editor\" data-id=\"114262a5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3lbITN6\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Brent crude oil has been staging a big rebound above the $70.00 resistance level as concerns about global demand started to ease while a major outage in Mexico support higher oil prices. The major outage took place after a fire at a Mexican platform, which killed five workers on an&nbsp;offshore platform&nbsp;operated by Mexico\u2019s state oil [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":11373,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,7],"tags":[58,64,530],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brent Crude Technical Analysis - Traders are becoming too bullish - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/brent-crude-technical-analysis-traders-are-becoming-too-bullish-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent Crude Technical Analysis - Traders are becoming too bullish\" \/>\n<meta property=\"og:description\" content=\"Brent crude oil has been staging a big rebound above the $70.00 resistance level as concerns about global demand started to ease while a major outage in Mexico support higher oil prices. The major outage took place after a fire at a Mexican platform, which killed five workers on an&nbsp;offshore platform&nbsp;operated by Mexico\u2019s state oil [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/brent-crude-technical-analysis-traders-are-becoming-too-bullish-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-27T06:08:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-27T20:03:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/07\/GettyImages-1216766385.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"516\" \/>\n\t<meta property=\"og:image:height\" content=\"302\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/brent-crude-technical-analysis-traders-are-becoming-too-bullish-2\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/brent-crude-technical-analysis-traders-are-becoming-too-bullish-2\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"Brent Crude Technical Analysis &#8211; 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