Brent oil prices may be heading much higher
Brent crude has moved above $100 a barrel after breaking out of a symmetrical triangle, with further resistance levels now coming into view.
Founder, Mott Capital Management
Brent crude prices have surged above $100 a barrel in recent days, following a breakout from a symmetrical triangle pattern at the end of August. A projection based on this breakout suggests that Brent could rise above $120 a barrel over the medium to longer term.
For now, prices are rising steadily and could climb significantly higher if they hold above resistance around $101 a barrel. A breakout above this level could pave the way for a move towards $113 a barrel, the next area of resistance before a potential rise to $120 a barrel.
However, Brent is approaching a potential consolidation zone around $101–$102 a barrel, with the relative strength index (RSI) nearing 70 and the price touching the upper Bollinger Band. This could lead to a couple of days of consolidation or a modest pullback to just below $100 a barrel. Given the strength of the recent breakout, sideways consolidation appears more likely, followed by a resumption of the move higher towards $113 a barrel.
If Brent fails to hold above $101 a barrel, it could fall back towards support around $96 a barrel. The 20-day simple moving average, currently near $95 a barrel and rising, lends further support to the $95–$96 a barrel region. Additionally, a weaker US dollar against Asian currencies could help boost oil prices, particularly if the dollar continues to weaken more broadly.
Brent crude daily, July 2026 – present
Source: TradingView, 9 September 2026
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