Brent Crude Oil (BCO/USD) has been flexing its muscles ever since it breached resistance of $70 in April 2018. This enabled the pair to break out of the large inverse head and shoulders pattern on the daily chart. The price action signaled the start of the commodity’s uptrend.
However, six months into the uptrend and the market is beginning to sputter. It appears that Brent Crude Oil is due for a meaningful correction. The pullback may be key in keeping the bull run alive and helping the market breach two major resistances. Word of caution though: these resistances have stood the test of time. Bulls may need to give everything they’ve got and more to stand a chance in taking them out.