Brent crude oil recovers back to $98.04 per barrel today after dipping down to $96.7, in a session that follows a previous closing value of $98.57.
As the trading day comes to an end, chart analysis indicates Brent Crude Oil bounced after reaching the $96.86 support zone, climbing $1.18 above it. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Japanese candlestick formations show 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Price action remains constrained around the key Fibonacci level of $97.92 currently serving as support. If price action breaks below, the next Fib hurdle is $92.63. Analysis based on the asset volatility indicates that Brent crude's upper Bollinger Band® is at $99.08, suggesting that a downward move may follow.
Overall, while Brent crude oil has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Heating Oil closed at $3.78 (down 3.48%). Natural Gas is up 4.86% to $6.71. Crude Oil is up 0.97%.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
ICE Brent crude reached a significant high of $129.12 around 8 months ago but has lost 23.66% since then.