BRENT.CMD/USD 4H Chart: Weekly overview

The Brent crude oil prices have depreciated about 4.93% against the US Dollar during the last week. The pair breached the lower boundary of an ascending channel pattern at 64.63 on Tuesday.
The BRENT.CMD/USD pair is currently trading near a resistance cluster formed by the weekly S1 and the 50-hour simple moving average at 66.58.
If the commodity passes the cluster as mentioned earlier, buyers could push the pair towards the weekly R1 at 67.94.
Although, if the resistance line holds, a southern breakout is likely to occur during the following trading sessions.

Komentar:

The Brent crude oil appreciated about 4.35% against the US Dollar during the last week. However, the surge was stopped by a resistance level formed by the weekly R1 at 66.86.
The commodity breached the lower boundary of an ascending channel pattern at 65.60 during the morning hours of Wednesday’s trading session.
Given that a breakout had occurred, it is likely that the BRENT.CMD/USD pair will aim for a support cluster formed by the 200-hour SMA and the weekly S1 at 63.71 during the following trading sessions.

Komentar:

The UKOIL has appreciated about 5.07% against the US Dollar since last week. The 200-hour simple moving average provided support for the pair at 64.00.
Currently, BRENT.CMD/USD is near a significant resistance level at the 67.41 area.
If the pair passes the significant level as mentioned above, the next target for bullish traders will be near the $70 mark.
On the contrary, if the resistance level holds, a decline towards the 200-hour simple moving average at 64.29 could be expected.