Brent shows little activity after the last’s day’s impressive rally. Price has managed to climb above the 61.8% retracement level, signaling that the bulls are in total control. However, price stands under the first warning line (wl1) of the major descending pitchfork, which represents a major resistance line. Only a valid breakout above it will confirm a further increase in the upcoming weeks. Resistance can be found at the 54.55 as well.
