Brent Oil increased today and is fighting hard to recover after the last day’s massive drop. Price has found temporary support right above a major dynamic support (resistance turned into support). Technically, the last drop was somehow expected after the impressive rally. We’ll see what will happen in the upcoming days because a valid breakdown below the mentioned dynamic support and below the 62.00 psychological level will signal a further drop in the upcoming period.

However, the outlook remains bullish despite the minor drop, it could increase again very soon because is located above very important support levels.

The price increased and stays higher even if the United States Crude Oil Inventories have come in better than expected, the Crude Levels were reported at 1.9 million barrels in the previous week, even if the traders have expected to see a drop to -2.1 million barrels.

Price has found support right above the sliding line (SL) of the major blue ascending pitchfork. The last day’s drop was natural after the false breakout above the median line (ml) of the minor ascending pitchfork and above the 350% Fibonacci line (descending dotted line). Has retested the confluence area formed by the mentioned resistance levels failing to close above it. Technically, it is somehow expected to be attracted by the lower median line (lml) of the minor ascending pitchfork, but this scenario will take shape only if the rate will take out the support from the SL.