Brent Oil Outlook: Brent Hits New 2019 High

Brent oil cracked psychological $65.00 barrier on Friday and hit new 2019, in extension of the rally in past three days which generated bullish signal on Thursday’s close above pivotal barriers at $64.12/19 (daily cloud top / Fibo 38.2% of $86.73/$50.25 fall). Weekly close above these barriers is needed to confirm break and expose next strong barriers at $65.47 (weekly cloud base) and $66.33 (falling 100SMA). Output reduction by world top oil exporters, which aims to tighten oil markets, boosts the price and for now offsets negative impact on concerns about global growth slowdown. Overbought conditions on both, daily and weekly chart, warn that bulls my lose traction ahead of strong barriers. Consolidative action should ideally hold above daily cloud, however, deeper dips are expected to find ground above rising daily Tenkan-sen ($62.80) to keep immediate bulls in play.

Res: 65.08, 65.47, 66.84, 68.35
Sup: 64.41, 64.12, 63.25, 62.80

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