{"id":8323,"date":"2021-05-14T08:03:00","date_gmt":"2021-05-14T07:03:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=8323"},"modified":"2021-05-14T13:38:27","modified_gmt":"2021-05-14T12:38:27","slug":"brent-crude-technical-analysis-trend-remains-bullish","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/brent-crude-technical-analysis-trend-remains-bullish\/","title":{"rendered":"Brent Crude Technical Analysis &#8211; Trend remains bullish"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"8323\" class=\"elementor elementor-8323\" 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-1ad980a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1ad980a\" 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-d160508\" data-id=\"d160508\" 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-5e0a8f2 elementor-widget elementor-widget-text-editor\" data-id=\"5e0a8f2\" 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\/3ulVHSG\" target=\"_blank\" rel=\"noopener\">Brent crude oil<\/a> has staged a strong pullback towards the $67.00 level as traders and investors reacted to the news that a key pipeline in the United States resumed operations after shutting down due to a cyber-attack.<\/p><p>Market participants also remained cautious towards the oil demand story as coronavirus cases in India remained high. India is one of the world\u2019s largest oil importers, hence markets are concerned about the oil consumption story coming from India.<\/p><p>This week oil has been under pressure since the US monthly CPI number increased the most on a monthly basis in over a decade. The ongoing labour glut, and commodity surge has raised fears that the FED could be forced to raise rates.<\/p><p>Conventional wisdom, and history has shown that raising rates normally boosts the <a href=\"https:\/\/bit.ly\/3eIXPz1\" target=\"_blank\" rel=\"noopener\">US Dollar <\/a>currency. As raising rates usually pressures oil price because it makes oil more expensive for holders of other currencies.<\/p><p>Still, the short-term bull trend remains in play while Brent trades above the $66.00 level, and the overall bullish trend in the long-term is unmatched while Brent oil trades above its 200-day moving average, around the $53.00 level.<\/p><p>So buying into price dip still remains the top play as rising commodity prices is still one of the biggest trends in financial markets right now. Rate hikes aside we should remember that improving global growth and supply constraints are still a big factor in oil prices.<\/p><p>Market sentiment towards Brent Crude is still extremely bullish, which hints at further losses for Brent oil. The ActivTrader Market Sentiment tool shows that some 91 percent of traders are bullish towards further gains in Brent oil. This worrying sentiment extreme has dipped by 3 percent by last week, but it is still extremely high and signalling that a major pullback is about to take place.<\/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-78573b0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"78573b0\" 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-a06a586\" data-id=\"a06a586\" 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-46dcad3 elementor-widget elementor-widget-image\" data-id=\"46dcad3\" 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\/3ulVHSG\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"306\" height=\"112\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/05\/Brent-chart-1.png\" class=\"attachment-large size-large wp-image-8327\" 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-99fedf6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"99fedf6\" 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-125dfeb\" data-id=\"125dfeb\" 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-a564cc5 elementor-widget elementor-widget-text-editor\" data-id=\"a564cc5\" 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 a bullish inverted head and shoulders pattern has formed after Brent crude reached the $70.00 level.<\/p><p>The overall size of the bullish reversal pattern is predicting a coming $10.00 price advance in Brent crude oil. Bulls need to maintain the price above the $70.00 level to activate the pattern.<\/p><p>Traders may buy any pullback towards the $66.00 level in expectation of a coming rally. Extended support is found at the $64.50 and $63.00 levels.<\/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-6c23e1f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6c23e1f\" 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-8968fd4\" data-id=\"8968fd4\" 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-5c02897 elementor-widget elementor-widget-image\" data-id=\"5c02897\" 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\/3ulVHSG\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"344\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/05\/Brent-4h-1.png\" class=\"attachment-large size-large wp-image-8328\" 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-ef88b6e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ef88b6e\" 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-119fda6\" data-id=\"119fda6\" 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-666c793 elementor-widget elementor-widget-text-editor\" data-id=\"666c793\" 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\/3ulVHSG\" 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-84646db elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"84646db\" 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-61707fa\" data-id=\"61707fa\" 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-540c516 elementor-widget elementor-widget-text-editor\" data-id=\"540c516\" 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, an extremely inverted large head and shoulders pattern with a $70.00 upside potential remains the central focus of medium and long-term traders.<\/p><p>A move above the $71.00 level would likely take Brent crude towards $80.00. The much bigger picture could see Brent reaching $160.00 in future if the pattern plays out to its full upside projection.<\/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-2185b57 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2185b57\" 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-e2ed62c\" data-id=\"e2ed62c\" 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-df784c3 elementor-widget elementor-widget-image\" data-id=\"df784c3\" 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\/3ulVHSG\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"344\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/05\/Brent-1d-1.png\" class=\"attachment-large size-large wp-image-8329\" 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-f372d2e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f372d2e\" 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-26ea567\" data-id=\"26ea567\" 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-6a8d197 elementor-widget elementor-widget-text-editor\" data-id=\"6a8d197\" 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\/3ulVHSG\" 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 staged a strong pullback towards the $67.00 level as traders and investors reacted to the news that a key pipeline in the United States resumed operations after shutting down due to a cyber-attack. Market participants also remained cautious towards the oil demand story as coronavirus cases in India remained high. India [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":8324,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,7],"tags":[58,45,393,67],"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 - Trend remains 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-trend-remains-bullish\/\" \/>\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 - Trend remains bullish\" \/>\n<meta property=\"og:description\" content=\"Brent crude oil has staged a strong pullback towards the $67.00 level as traders and investors reacted to the news that a key pipeline in the United States resumed operations after shutting down due to a cyber-attack. 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