Brent oil technical analysis: $64.08 is the level to beat for bulls
- Brent oil is charting a double bottom with neckline resistance at $64.08.
- A close above $64.08 would confirm a bullish reversal.
Brent oil is currently trading at $62.26, representing 4.35 percent gains on the previous week's low of $59.60.
The recovery has neutralized the immediate bearish outlook. A bullish reversal, however, would be confirmed only above $64.08. That would confirm a double bottom breakout on the daily chart and open the doors to $68.50 (target as per the measured move method).
The 14-day relative strength index (RSI) is reporting a falling channel breakout. As a result, a rise to $64.08 (double bottom neckline) looks likely.
The case for a rise to $64.08, however, would weaken if the price violates the bullish higher low of $60.72 on the 4-hour chart.
Trend: Bullish above $64.08