Brent rebounds from the $70 support zone
Brent crude oil prices recently fell back towards the support area around $70 per barrel, filling the gap that had remained open since 2 March. That support zone has held, and the market has since rebounded sharply.
The move has become more forceful since the TradingView chart was captured on 13 July, with Brent extending into the mid-$80s as renewed Middle East tensions add a fresh geopolitical risk premium to energy markets. That shift means the setup is no longer simply about whether Brent can recover from support; the immediate question is now whether the rebound can hold above the first major resistance area.
Momentum signals have improved
From a technical perspective, the recent rebound has improved the short-term picture. Brent has moved back above its 20-day moving average, while the relative strength index has broken above the downtrend that had been in place after the market reached oversold territory, below 30, from late June into early July.
The 10-day moving average is also close to crossing above the 20-day moving average. If that crossover is confirmed, it would provide another indication that short-term bullish momentum is strengthening and that the recent recovery is becoming more than a routine bounce from oversold conditions.
Brent crude daily chart
