Brent puts bulls in charge
A storming day on Friday and a strong start this morning has put Brent back above its rising 2016 trendline, and with the price back above $50 the bulls are in charge once more.
The next area to watch would be the early June high just below $53, so dips on the way to here should be viewed as buying opportunities.
WTI set for further gains
A bounce off the 50-day SMA has put the buyers back in charge, with the price back inside the rising wedge that has dominated in the year thus far.
A move back above $50 targets $51.40 in the short-term, while on the monthly chart a glimpse at the steady recovery suggests that we could see gains extend towards $60 in the longer-term.