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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Technical analysis: key levels for crude

Brent hits a 30-month high, with a bullish breakout pointing towards further upside in the near future.

Oil platform figure

Brent breaks to 30-month high

Brent  has managed to break out of its recent consolidation range, with the price hitting a new 30-month high. The price has since turned lower into trendline support, which along with the previous high of $65.42 are expected to mark the near-term levels to watch.

Ultimately we need to remain above $64.01 to remain bullish. A move back below that level would heighten the chance of us trading back in the recent range. Until then, a bullish outlook is in place.

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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