Brent crude oil is currently exhibiting a bullish trend, characterized by higher highs and higher lows. Following a dip at a significant support level, the market has risen sharply, indicating a potential reversal pattern in the form of a double bottom. We plan to enter a long position on Brent at a price of 84. While price action appears choppy on the bearish side, there is little pressure in that direction.

The trendline pattern forming on the pair resembles a bullish flag pattern, increasing the likelihood of an upward move given the current bullish trend. A breakout buy would be triggered once this occurs, with no indication of retracement at this time.

The EMA 50 remains bullish, suggesting that a retest at the support level may not be necessary for a bullish impulse to occur. The RSI is currently at 63, indicating that the market may need to neutralize back 

to the 50 level in order to align with our technical parameters as displayed on the chart.

Bullish wedge pattern on Brent

Apr 05 2023