Brent oil finds bids above 10-DMA

By FXStreet The bid tone around Brent oil strengthened after the prices moved above 10-DMA at USD 34.01 and extended gains to a session high of USD 34.54/barrel.

Stuck at hourly 50-MA

Prices failed to take out the hourly 50-MA located at USD 34.54 levels. Prices began the upward journey in Asia amid thin volumes as China markets were closed on account of Lunar New Year holiday.

The uptick seen now could be due to moderate weakness in the USD. As of now, the markets are not paying attention to the bearish development over the weekend – The meeting between Venezuela and Saudi Arabia failed to reach a “productive” conclusion.

Brent Technical Levels

The immediate resistance is seen at 34.54 (hourly 50-MA), above which the pair could rise to 35.80 (50-DMA). On the other hand, a break below 34.01 (10-DMA) could send prices down to 32.78 (Jan 25 high).
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Source:: FX Street