The BRENT.CMD/USD pair has appreciated about 4.92% of its values during the past week. The commodity tested a swing high of 63.61 during this time period.
The Brent crude oil is currently facing a strong support level formed by the weekly pivot point and the combination of the 50– and 100-hour SMAs at the 61.80 area.
If this support cluster as mentioned above holds, the oil prices could edge higher towards a resistance level at the 66.00 mark in the nearest future.
However, if the UKOIL passes the SMAs, a decline towards a support level set by the monthly PP at 58.96 could be expected.
