Brent Crude Oil Prices Soar Above $100 Barrel Amid Breakout Expectations
Brent crude oil prices have broken above $100 a barrel and may be heading even higher. According to CMC Markets, this breakout could pave the way for a move towards $113 a barrel before reaching its next target of $120 a barrel.
Michael J Kramer, Founder of Mott Capital Management, pointed out that Brent crude prices have surged above $100 a barrel following a breakout from a symmetrical triangle pattern. This projection suggests that Brent could rise significantly in the medium to longer term.
However, Kramer also noted that Brent is approaching a potential consolidation zone around $101-$102 a barrel. If it fails to hold above this level, it could fall back towards support around $96 a barrel. The 20-day simple moving average currently near $95 a barrel lends further support to the $95-$96 a barrel region.