Brent technical analysis: Bulls need a break above Monday’s high

• Brent oil is trapped in a no man’s land of $72.09-$69.26.
• A break above $72.09 needed to invalidate Monday’s bearish candle.

Brent oil is currently trading in a no man’s land and the outlook would turn bullish if the price finds acceptance above Monday’s high of $72.09.

That would invalidate Monday’s bearish candle and validate repeated defense of the 50-day MA seen last week and open the doors to retest of recent highs above $75.00.

On the downside, a move below $69.26 would reinforce the bearish view put forward by Monday’s bearish candle and allow a deeper sell-off toward $65.97 (March 22 low).

Daily chart

Trend: Bullish above $72.09