Commodities
Brent Crude Oil Poised to Challenge Key Resistance Level
The Brent crude oil price rose during its latest intraday trading session, positioning itself to challenge the key resistance level at $99.00.
This comes as the price continues to trade above EMA50, a short-term moving average that reinforces the strength and stability of the main uptrend.
The price movement is also supported by an ascending trend line, which further enhances the chances of a breakout over the coming period.
In addition, positive signals are beginning to emerge from the relative strength indicators after reaching extremely oversold levels, increasing the likelihood of a break above $99.00.