Brent breaks the Pandemic gap fill level

27 November 2020 | Updated: 27 November 2020

In hopes of an increase of demand of petroleum based products due to the news of the Coronavirus vaccines being over 90% effective, a massive increase in air travel, the easing of lockdowns measures and the normal winter rally, crude oil futures (WTI and Brent) have rallied above massive levels.

Brent in particular has broken with the 45.35 level which is the gap fill from the pandemic crash that saw prices in crude futures (WTI) go negative. This level is important because not only it was a psychological resistance but also bulls were not able to break it even with the new measures in output placed by the OPEC to support oil prices.

the next big level is the 56 mark which also the calculated targets of the flag breakout and the retest of the overall structure.

 

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