The Brent Oil increased sharply today and recovered after the last day’s impressive drop. Is trading in the green again and tries to stay in the buyer’s territory, but we’ll see what will happen in the upcoming days because this could be only temporary. Price is pressuring an major dynamic resistance, has climbed above this level, but has slipped below it again.

Price increased somehow surprisingly as the USD/CAD rallied aggressively after the US and Canadian data was sent to the public. The US dollar was boosted by the economic data, the dollar index rallied and has managed to  jump above the 93.81 static resistance again. A further USD/CAD increase will pressure the Brent, which could slip lower in the upcoming days.

The Loonie dropped aggressively as the Canadian Trade Balance dropped further and it was reported at  -3.4B even if the traders have expected to see an increase to -2.6B.

The Brent Oil rallied as the United States Crude Oil Inventories have disappointed because were reported at -6.0 million barrels, much lower versus the -0.5M estimate and compared to the -1.8M in the former reading period. The Crude Levels have fallen in the negative territory again.

Price rallied and erased the last day’s drop as the bulls have taken full control. Brent is pressuring the median line (ML) of the major ascending pitchfork, has climbed above this major obstacle, but failed to stay there. I’ve said in the previous articles that the price could come back to retest the median line (ML) before will drop again.

Brent should register a massive drop in the upcoming weeks if the ML, while a valid breakout above this obstacle will announce an increase towards the 59.50 previous high. Techncially is somehow expected to drop further on the short term after the retest the median line (ml) of the minor ascending pitchfork and after the failure to reach the $60.00 per barrel.