So far, Brent Oil is in a good spot to be able to overcome the 7.71% pullback it suffered last week. The pair has not completely recovered from it, however, it looks like the conditions are set for a strong comeback.
The Bollinger bands are starting to open up at the edge and we could see higher volatility in the upcoming trading sessions. The commodity found support at $64.60 and started climbing since. The next resistance level is at $70.22 which is the highest the pair has been since early March, when the price briefly reached $71.46.
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The pair now trades above our short and long term moving averages which is often a good indicator of an uptrend, our relative strength index is at 57%, which would allow the pair to continue climbing in the short term, while the parabolic SAR indicator strengthens this signal.
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