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Technical Update - Brent and WTI Crude oil higher with 5% upside potential
Brent Crude oil is testing the resistance at around 83. A close above could fuel another move higher towards 87-88. However, a few days of range trading between 78 and 83 could be seen before next attempt to break higher. To reverse the bullish picture a close below 78.19 is needed. From the weekly chart Brent has broken above its upper medium-term falling trendline. The declining 55 weekly Moving Average will provide some resistance but no strong resistance until around 87-88. WTI is testing resistance at around 79.18. A close above is likely to send WTI to test resistance at around 83.50. To reverse the bullish ... (full story)