Crude oil trading analysis: Brent crude oil may test the resistance level of $73.36
On Thursday (February 27th) during the Asian session, international oil prices were hovering at low levels, and the Brent crude oil May futures contract is currently trading around $72.28 per barrel.
Reuters technical analysts pointed out that Brent crude oil may test the resistance level of $73.36 per barrel, as its price is currently stable around the support level of $72.19.
Stabilizing indicates the dissipation of the downward trend. The bullish divergence on the hourly chart MACD confirms this dissipation.
The contract may rebound to the range of $73.36 to $74.08, or at least consolidate above $72.19 for one or two days. A drop below $72.19 may open the way to $71.02.
On the daily chart, the downward trend is developing within a downward wedge, with the downward trend line pointing towards the target of $64.
A pullback analysis of the upward trend from $68.69 to $82.60 reveals a more realistic target area between $70.58 and $71.97. However, the uptrend line has established support around $72.50, which may temporarily halt the decline and trigger a weak rebound.
Tips：This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement：Contact us if the content violates the law or your rights