BRENT CRUDE OIL - is Developing Sideways - 01/27/2017 (GMT)

The Brent Crude Oil is establishing within an ascending move since April and it surged almost 40%. The oil price tried to test the rising trendline several times while over the last two months is developing well above it within a sideways channel with upper boundary the $57.60 resistance level and lower boundary the $53.80 support barrier which coincides with the 50-daily SMA.

Currently, the price is moving towards the $57.60 price level or moreover until the previous fresh high at $58.50 resistance barrier. On the other hand, a break below the lower band and the 23.6% Fibonacci retracement level (April 2016 low – January 2017 high) of the last big move will slip the price to 100-daily SMA. The MACD oscillator is moving slightly higher as it is in the process for a bullish crossover its trigger line while the RSI indicator is sloping upwards.