The Brent crude oil price reversed its three-day decline, showing a bullish pattern on the daily candlestick chart. Focus is now on last week’s high of $85.81. The rise was spurred by a larger-than-expected decrease in US crude inventories.
A move above $85.81 suggests the recent downward correction may have ended, with potential to reach towards $90.00.
Support levels could be found around $84.28 (previously breached downtrend line) and between late June and mid-July lows of $83.74 to $83.70.
SEE ALSO: Is Oil Actually Stored in Barrels?
Silver Price Stalls
The spot silver price continues trading sideways below its July peaks of $31.49 to $31.75 per troy ounce. It remains above the 55-day simple moving average (SMA) at $29.93.
A breakout above the July 11 high of $31.75 could target the May high of $32.51, while a drop below $29.93 might revisit the May-to-July uptrend line at $29.62.
Aluminium Price Hits Three-Month Low
The aluminium price has dropped below its mid-June low of 2,470, reaching a new low for three months. Potential downside targets are around the December-to-January highs of 2,399 to 2,398.
Immediate bearish pressure persists unless there’s a rise above the recent daily high of 2,508 on July 11. Resistance can be seen near the mid-June low of 2,470.