Brent.CMD has been appreciating against the US Dollar since the middle of August after the commodity price bounced off from the lower boundary of an ascending channel at 70.21.
The commodity price opens below the 50-hour simple moving average during Monday’s session. From a technical point of view, it is expected that the pair aims at the weekly S1 at 82.17 within this session.
If the support level as mentioned above holds, the price could reverse north and target a resistance line formed by the monthly pivot point at 85.70 during the following trading sessions.
