Brent crude is trading around $84.47, after a breakout in a longer term down trending channel, taking out 0.50 Fib level at $84.07 price area. The price action over the last few days has continued to consolidate just above the price area it broke, but buyers have defended the price levels against short term profit taking. Price is comfortably above 50 ema ($80.14) and 100 ema ($79.27), which supports the trend structure. $84.07 is the first support level, next support at $80.83.
Resistance is at $87.34. RSI is at 59, still a bullish range, but has softened and indicates reduced momentum, but not a reversal. In my view, I’ll go long as long as we stay above $84.07 Fib support to target $87.34, whereas a break below $80.83 would neutralise the bullish view.