BRENT CRUDE OIL - Is Heading Sharply Higher - Next Level $60.90 - 10/30/2017 (GMT)

The Brent crude oil exposed to a 15-month high, soaring more than 23% since July. The price is completing the fourth straight bullish month, heading sharply higher. The bounce off the $44.55 support level pushed the oil to extend the gains and now is ready to meet the $60.90 resistance level. Since last Thursday the price has an aggressive bullish run, jumping 3.5%.

The technical structure suggests further upside movement on the short-term timeframe. The MACD oscillator rose above the trigger line with strong momentum, whilst the RSI indicator is approaching the overbought zone, rising near the 70 level. The next level to watch is the $60.90 resistance handle.