Brent crude oil recovers back to $85.66 per barrel today after dipping down to $83.86, in a session that follows a previous closing value of $85.28.
Brent Crude Oil made an initial breakout above its 50 day Simple Moving Average at $85, a potential indicator of a newly emerging bullish phase. Brent crude oil is climbing away and is now $2 from the $83.66 support line. Despite this, a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. ICE Brent crude's upper Bollinger Band® is at $86.77, suggesting that a downward move may follow.
Although price action remains in a stalemate, technical analysis suggests Brent crude could be primed for a break to the upside.
Meanwhile, mixed performances are seen in other Energy as Natural Gas is up 9.77%. Crude Oil trades close to $80.38, with no major change.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as as things stand, upcoming United States Producer Price Index data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 0.3%. New data is set to be published tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.4% from the preceding figure of -0.2%. United States Retail Sales expected to decline to -0.8% while its preceding data was -0.6%, data will be available tomorrow at 13:30 UTC.
Brent crude hit a significant low of $76.1 around a month ago, but has since recovered 12.06%.