Brent’s upward trend remains intact
Moves above $41 proved difficult to sustain last week, but with the upward trend intact a break of this resistance is still possible. This may well cause a more sustained move to $46 for Brent, currently the 200-day simple moving average.
The 200-hour SMA, $39, is a first possible area of support, as it was also where the price steadied on 7 March.
WTI still looking up
So far the uptrend in WTI is still intact, although it has faltered at $39. The uptrend should still support price action, heading on towards $42. A move below $37 is needed to cancel out the positive scenario.