Brent remained on the back foot on Tuesday. A fresh wave of buying interest emerged during the early European session and helped the benchmark to overcome the level of 57.50. The strength of the bullish sentiment remained strong during the day and the Brent oil prices advanced to 58.50. Buyers maintained control in the night and were able to test 59.50 by the morning.
Buyers overcame the EMA100 line which became an additional support. The EMA50 and the EMA100 are changing course, while the EMA200 is still bearish. MACD grew in the positive area. Stochastic consolidated within the overbought levels. The resistance stands at 59.50, the support is at 57.50.
Buyers are targeted to regain 59.50. However, they are weak and we doubt that they have what it takes to overcome this hurdle. Brent may meet fresh offers here and pull back to 57.50.