Technical analysis: key levels for crude

Brent hits a 30-month high, with a bullish breakout pointing towards further upside in the near future.

Oil platform figure

Brent breaks to 30-month high

Brent  has managed to break out of its recent consolidation range, with the price hitting a new 30-month high. The price has since turned lower into trendline support, which along with the previous high of $65.42 are expected to mark the near-term levels to watch.

Ultimately we need to remain above $64.01 to remain bullish. A move back below that level would heighten the chance of us trading back in the recent range. Until then, a bullish outlook is in place.

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