Brent Crude Rose 15% in A week Due to Australian Export Restrictions on Aluminum

The daily chart indicates that the price has recovered from the 50 MA and is now aiming for the 20 MA after three straight rising sessions. Since December, the long-term bull momentum has remained intact, as evidenced by the rising trend line connecting the lows.

The four-hour chart also demonstrates the price's strength, as the candlestick has now violated all significant moving averages and is stuck to an upward trajectory.

The next level of resistance is $3638, which will assist the metal in recouping all of its losses over the last two weeks. The price will be supported by the months-long trend line at roughly $3268 per ton.

Brent Crude Oil

Brent crude oil prices have been rising for six consecutive days and have jumped more than 6% to begin the new week. Brent Crude, the worldwide benchmark, is trading as high as $114.80 a barrel on Tuesday, having gained more than 15% in the previous week. The price increases as EU foreign ministers convene in Brussels to consider more measures against Russia.

Two weeks ago, the price of the most critical energy plummeted from a decades-high level and is now seeking to reclaim its peak. The daily chart indicates that the price has risen above the short-term indication and is now trading above the 20-day moving average, with the 50-day and 100-day moving averages still some distance away.

In the short term, the level of $117.4 will act as a critical stumbling block before the market re-enters the $120 plus zone. From the daily trend line, a support level between $108 and $109 may be seen.

Sentimentally, the RSI on the hourly chart has entered oversold territory, which might halt the bull-bias purchasing in the short term. However, the RSI level on the daily chart remains below the average for the last two months, indicating that the price may nudge higher.