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Brent crude – More near-term gains?

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Commodity markets keeping us entertained

We may be in pause mode when it comes to stock markets, after they hit new records last week but thankfully, commodity markets are providing plenty of interest.

The oil rally has stalled a little, with Brent running into some resistance around $66 but we’re hardly seeing the sellers coming in and taking charge. That said, if momentum starts to lag then that could make $67-68 an even tougher resistance for it to overcome without potentially seeing some profit taking or a correction first.

Brent Crude Daily Chart

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Naturally, that may change very quickly in the event of another escalation in the Gulf which, given the events of recent weeks, seems a high risk. It’s also worth remembering the OPEC meeting which is now scheduled to take place on 1/2 July.

A look at the 4-hour chart show’s that Brent has already found some support in the $63.50-64.50 region which previously acted as resistance and the upper bound of which was the neckline of the double bottom. This could perhaps be a bullish signal, particularly if followed by a break above last week’s peak.

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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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