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Brent Crude Oil & UK100 Outlook

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The Brent Crude Oil monthly chart shows the advances that price has made since its lows in early 2016 around 3000.00. The price has broken out of its bull flag in recent days and has now reached the 8521.30 level. The next potential resistance is found at the 2012 low around 8854.00, ahead of the 9000.00 round number which would represent a doubling of the price since the low at 3000.00. Past these levels the 10000.00 are looms large as an area of probable resistance. The last lower high was created in 2014, as the high for that year around the 11567.00 area. This level represents the beginning of a larger area of resistance extending up close to 12000.00.

A retest of the top of the bull flag may offer some support for traders going forward. The flag is associated with the now broken resistance at 8000.00, and this level may also provide support. Support and resistance formed at the 7060.00 area during 2018 trading and again back in 2015. As a result of this traders might look to this area as support in the future. A loss of this support may see the 6171.60 area retested, with 5000.00 below, and failing that a drop to the 2017 lows around 4623.45 may follow.

The UK 100 Index has dropped back to the 7470.00 area once again, after testing support around 7460.00 yesterday. The 200 HMA is located at the former level also and this is creating a little indecision in the market.  A loss of this area may see price slip lower to the falling support trend line around 7457.00. Under this area the 7420.00 level comes into play as potential support followed by the 7400.00 round number that was used as both support and resistance so often in the past. Below this level the 7386.00 area is followed by the 7350.00 zone.

Resistance may be seen at 7481.00 with the 7500.00 round number above. Beyond this the 50 and 100 HMAs may influence price at 7508.00 and 7511.00 respectively, with the trend line positioned in between. The 7528.50 level was used as resistance in the last few days also and a confirmed close above this area can point to higher levels. The high from last week is found at 7558.50 and a retest on this level would interest traders. A break higher would target 7600.00 but a rejection of the level may create a double top and target 7360.00.

 

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