Brent Crude Oil - Brent heading for its 4th consecutive week

Brent heading for its 4th consecutive week

Taking a look at Brent oil as it is heading for its 4^th consecutive green week. Currently, the commodity is trading at around $88.50 a barrel. On the weekly chart, the resistance sits between $89.01-$89.35. A break and close above the resistance area will open up the path towards the highs of 2023, or respectively, $94-$95. The price of Brent fell as much as 24% from September to December, before consolidating and finding support along the 200-day moving average. Since the lows in December, the price of Brent is now up almost 22%. Towards the downside in the near term, the support sits at $86.98 then at $84.73, and then at $83.11. A break below $83.11 would indicate that demand is certainly slowing, increasing the likelihood of a further pullback towards $81-$82 a barrel. Nonetheless, the technical indicators are reinforcing the bullish bias. The MACD is positive and on the rise, and so is the RSI as it reads 59.