Analysis:

Brent crude had crossed $120 a barrel last week on the prospect of a European Union ban on Russian supplies. A break above the $120 level and confirmed with a daily close, could see the price of oil at $130 per barrel. The uptrend for Brent Crude remains intact with strong support at the 15- day EMA (green line) at $115.With the initial resistance target of $115 now exceeded, our bullish overview remains, and we are looking for a move to the previous high of $134.Bollinger Bands indicate that the price is high. The Stochastic is at 90. This could indicate that Brent crude is overbought. This is theoretically a negative sign. Alternatively, if the price of Brent Crude falls below $115, that would negate our bullish view.

 

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