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Brent Crude Back Above 200 Day Moving Average

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Brent Crude daily time frame price action is currently retesting 20 period SMA resistance at 112.40 level. The price bounced back to the current level after the initial confirmation of support at 38.2% Fib retracement from June 2012 low of 88.49 to the current high of 117.95.

Oscillators and indicators like MACD, Stochastic and RSI are currently at neutral levels indicating the possibility of both scenarios Bullish and Bearish. Current support on the downside is located at 111.40 followed by 108.18 and 106.58. Alternatively if the price action moves higher resistance on the upside is located at 106.40 followed by 117.95.


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