Brent Discussion, page-63

Brent futures as at this morning's close.

Steady as she goes.

Indicator looking fine, MACD barely avoided a negative signal a couple days ago and now instead is looking healthier, threatening to cross over the zero line.

Price has been rejected twice at the upsloping multipivot immediately above, yesterday almost to the cent but today has opened almost precisely on it; if it can overcome this line that will be positive.

I've drawn a tentative up-chanel but one higher high certainly doesn't make a new trend; it will however provide weak to moderate support on the down-side.

Price back above the 20SMA (dashed black line) but the proof will be getting over the 50SMA (solid black line) and making a higher pivot high than was printed by the spinning top on 4 July.

There appears to be a little bit of upward momentum building in the short term so I'll be watching with interest over the next few trading sessions as to whether price can overcome the two near-term hurdles of the 50SMA and recent pivot high. If so the technical complexion will be vastly improved.

PIOTRVIP