The key support factor is market expectations of a stable demand for energies in the future. In particular, it’s the report from the International Energy Agency, which says that the need for energies in the fourth quarter of 2021 will be higher than in the third one. If to be more precise, the major hike in the demand is expected in October. The strong “greenback” doesn’t keep oil prices down at all – bulls are looking more motivated than usual.
As we can see in the H1 chart, Brent continues growing towards 81.15. After completing the ascending wave at 77.22, forming a new consolidation range around this level, and then breaking it to the upside, the asset has reached the short-term upside target at 79.02.
Possibly, the asset may form another consolidation range around 79.00. If later the price breaks this range to the downside, the market may correct to return to 77.22 and then resume trading within the uptrend with the target at 81.15. From the technical point of view, this idea is confirmed by the Stochastic Oscillator: after breaking 80, its signal line is moving to break 50 and continue falling to reach 20, thus implying the correction on the price chart.