Resurging Brent Looks to Roar Higher

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

higher over a longer scale. The bullish (green) Andrew’s Pitchfork shows price being attracted to the Median Line, rising over the 20 week SMA. As well it is now well above the Median Line of the bearish (red) Pitchfork and heading toward the Upper Median Line. Both views see the price moving higher and the RSI and MACD on this time frame agree. How high can it go? The non-time dependent 3-box reversal Point and Figure chart shows a price objective of 103.

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