The price has rallied in the last two sessions and have managed to breakout above the warning line (wl1) of the major descending pitchfork. Brent jumped above the 54.96 previous high as well and confirms a further increase. It should climb towards the $57 per barrel in the upcoming period, even if we’ll have a minor decrease because the price could make a minor consolidation here.
We have a major upside target at the median line (ML) of the major ascending pitchfork. Technically, it was expected to approach the median line (ML) after the failure to reach and retest the 50% Fibonacci line.
