In case you missed it, Brent crude oil costs have been having second half of the month up to now.

And why not? Easing banking considerations have made it simpler for oil bulls to cost in demand restoration in China.

It additionally didn’t harm {that a} dispute amongst leaders of Iraq’s semi-autonomous Kurdistan area pressured Iraq to halt about 400,000 barrels a day in oil manufacturing.

Brent Crude Oil (UKOIL) 1-hour Chart by TradingView

UKOIL, which discovered a backside at $70.20 early final week, is now buying and selling nearer to the $78.50 minor psychological degree.

The 100 SMA has additionally lately crossed above the 200 SMA and is hinting of a bullish pattern change after a pointy downswing earlier this month.

Can bulls sustain the momentum?

UKOIL is chillin’ close to the 50% Fibonacci retracement of March’s downswing, which is related sufficient earlier than we word that the $78 – $80 space was additionally a serious help zone in 2023.

Oil bulls who like buying and selling “wholesome” traits can even take earnings at present ranges as in addition they line up with the highest of an ascending channel on the 1-hour timeframe.

If at the moment’s Vitality Info Administration (EIA) crude oil inventory report exhibits a much bigger stock than the earlier week as markets expect, then UKOIL may dip in the direction of the $75.50 mid-channel space if not the $75.00 channel help.

I’m not ruling out additional weekly positive aspects although.

If risk-taking continues to push “danger” belongings like crude oil larger, then UKOIL may hit different resistance ranges like $80.00 or $81.00 earlier than the sellers step in.

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