Brent Oil Future will resume its downward trend after failing at $81

Brent is approaching the first resistance level of $81. The Forex Forecast's Economists is a currency sentiment tool that emphasizes our selected experts' immediate and medium-term mood and estimates trends based on Friday's price.

The recent high of $86/87 is a major resistance level.

The daily MACD has begun to show bullish divergence, but no signs of a trend reversal are present. The recent high of $86/87 is a major resistance level.  

Brent has been steadily rising since last week and is currently threatening the 50-day moving average. At $81, it is approaching a multi-month falling trend line. If the continuing recovery falters at this level, the downward trend may resume. 

A break below $70 would affirm the continuation of the downturn; the next likely targets are the December 2021 lows of $65/63 and $57.