Commodities
Brent Crude Price Pulls Back but Remains Above Key Support
The Brent crude oil price has declined but remains above $104 after being rejected by resistance at $110.09 on its 4-hour chart.
Despite this pullback, analysts believe it is a consolidation within a bullish trend as the price trades well above both moving averages.
The first level of support monitored is $104.14, closely aligning with the 23.6% Fibonacci retracement level, followed by $100.36 and $97.35 and $94.34.
A break below $100.36 would likely end the bullish interpretation, while a clear move above $110.09 would confirm a bullish interpretation of $114.48.