Brent crude oil prices have retreated from a five-month high of $80.995 per barrel, reached on Monday. This price point came up against the resistance zone, ranging from $80.905 to $81.894, which has held firm since July.
Now, attention is turning to the recent high of $79.398 on October 10 and the 200-day simple moving average (SMA) at $78.424. The resistance zone continues to limit price gains.
If this resistance is broken, it could signal a significant bullish reversal, with the possibility of prices moving back toward the $90 region.
Silver Price Attempts Recovery After Dip
Spot silver prices have fallen below their 200-day SMA at $29.96 per ounce, after reaching a three-week high of $30.66 last week.
If silver drops below Monday’s low of $29.50, the focus may shift to the support line from August to January at $29.01, as well as the key support zone from December between $28.78 and $28.75.
In the short term, the 200-day SMA at $29.96 is likely to act as resistance, followed by the highs of $30.39 from January 7 and the recent high of $30.66 on Monday.
US Wheat Futures Bounce Back from Key Support Level
US wheat futures are testing a downtrend line from October to January at $547.0, which has held strong so far. However, the strong rebound from the key support area between $529.2 and $526.0, seen between November and January, suggests a possible breakout above the trendline.
If this happens, attention will shift to the 55-day SMA at $553.2 and the late December high of $554.6. A break above these levels could indicate a medium-term bullish trend reversal.
Minor support is seen at the December 4 low of $540.2.
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