Brent crude started strong yesterday, opening 8% higher, and has since found its footing just above the psychologically important $80 level. The chart is now sketching a familiar pattern: an ascending triangle with flat resistance at $80 and a rising support line connecting local lows—textbook evidence that buyers are quietly gaining the upper hand.
Yesterday's breakout attempt came fast and fizzled out just as quickly. Prices briefly cleared $80 at the open, only to slam into a wall of selling that sent them reeling back.
However, today's sequel seems to be much more powerful. First of all, a series of candles have closed decisively above $80, signaling that the market has absorbed the mentioned level and is treating it as new support. The script has flipped: demand is now calling the shots. More tellingly, there are no significant shadows beneath this threshold during pullbacks—a sign that bears lack the conviction to defend it, while bulls stand ready to catch any dip before it gains momentum.
The technicals are lining up as well. With the ascending triangle being intact and bullish momentum building, the path of least resistance points higher. If oil can hold above $80, the next target will likely be the $83–$85 range in the short run—a move that would confirm this breakout as the real deal.
The ultimate recommendation is to buy Brent crude at the current price, with $83 per barrel in view. In order to control risk and potential losses in the event that the market moves against us, place Stop loss at $79, which is just below the psychologically charged $80 threshold.
This content is for informational purposes only and is not intended to be investing advice.
