Brent oil hit new nearly four-year high at $80.93 on Monday, after fresh bullish acceleration through psychological $80 barrier broke above former high at $80.48 (17 May). Renewed bullish sentiment after Saudi Arabia said it is comfortable with Brent price above $80, as well as looming US sanctions on Iran which already started to bite, underpinned fresh rally. Technical studies in full bullish configuration add to growing bullish sentiment. Bulls need close above $80.48 to open way towards next key barrier at $81.84 (Fibo 61.8% of $115.68/$27.09, 2014/16 fall). Daily indicators head north and show enough space for stretch towards $81.84 pivot, break of which would generate next strong bullish signal. Meanwhile, bulls may consolidate before continuing, on profit-taking after today’s rally. Broken $80 barrier should ideally hold to keep fresh bulls intact. Deeper dips would face strong support at $78.96 (rising 10SMA), with firm break here to sideline immediate bulls and signal false break higher.
Res: 80.93, 81.15, 81.84, 82.19
Sup: 80.48, 80.10, 79.16, 78.96
