Brent Crude Surges Above $100 as Breakout Suggests Higher Prices Ahead

Brent crude oil has broken out of a symmetrical triangle pattern and surged above $100 a barrel. This breakout suggests that Brent could rise above $120 a barrel in the medium to longer term.

A projection based on this breakout indicates that Brent's next area of resistance is around $113 a barrel, with further support levels at $96 a barrel.

The recent price action has pushed the relative strength index (RSI) towards 70 and the price touched the upper Bollinger Band. However, the strength of the breakout suggests that sideways consolidation appears more likely before resuming the move higher.