Brent Crude oil closed yesterday above resistance at around 78.66 thereby breaking bullish out of its range bound trading.
RSI closed above 60 threshold supporting the bullish move and if Brent oil also closes above the Cloud i.e. above 79.38 the bullish picture is complete.
A bullish picture that could take Brent oil to the 200 daily Moving Average and resistance around 82.50-83.00. If closing above 83 there is upside potential to around 87-88.
If that scenario plays out Brent oil would also break above its medium-term falling trendline.
To establish a bullish medium-term trend a close above 89.10 is needed.
If Brent Oil slides back into its range and closes below 75 the bullish scenario has been demolished