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Brent Crude – Oil testing the 200DMA for the first time since last summer

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  • A new three-month high
  • Can Brent break the 200-day SMA?

Oil prices are trending higher again on Monday, building on the surge late last week and reaching their highest level in three months.

There have been a number of factors that have contributed to the gains recently, starting with the Saudi extension to its million barrel cut alongside Russia’s export reduction followed by data that could enable a soft landing in countries that are aggressively raising rates.

Brent hits new three month high

Not only has that taken Brent crude back above $80 a barrel, much to the relief of the Saudi’s, but it’s adding to those moves again.

It will be interesting to see how Brent responds around roughly $82.50-$83.50 where it is already seeing some resistance today. It may not have traded at these levels in almost three months but it hasn’t significantly breached the 200-day simple moving average since last summer.

BCOUSD Daily

Source – OANDA on Trading View

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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