Tuesday, August 7, 2012

Resurging Brent Looks to Roar Higher

Brent oil for September settlement rose $1.85, or 1.7 percent, to $111.40.
From Dragonfly Capital:
Already well off of the June low, Brent Crude Oil, represented below by the United States Brent Oil Fund, $BNO, looks to have digested the surge higher to 77 and survived a pullback. Now running higher again and at resistance of the 200 day Simple Moving Average (SMA) it has support for a continued upside push from the rising and bullish Relative Strength Index (RSI) and the positive and growing Moving Average Convergence Divergence indicator (MACD). Critical resistance is found higher at 80, also the current target on a measured Move, and above that it has further resistance at 84 before it can retest the top at 89. But the weekly chart also lines up for a move....MORE

We're more than off the June low, Mid-May was the last time we closed this high.