Brent crude still looks indecisive as it trades even at $82.58

It's been more of the same this session on the back of 11 days of flat trade, Today's session so far looks to be heading in a similar way — Brent crude recovers back to $82.58 per barrel after dipping down to $82.58 today, in a session that followed a closing value of $82.73.

Brent Crude Oil is climbing away and is now $1.44 from the $81.14 support line. Brent crude oil made an initial breakout above its 5 day Simple Moving Average at $82.36, a potential indicator of a newly emerging bullish phase. ICE Brent crude's upper Bollinger Band® is at $88.17 and the lower is $80.15. Despite this, price action remains constrained around the key Fibonacci level of $81.16 currently serving as support. If price action breaks below, the next Fib hurdle is $79.27.

Despite muted price action in ICE Brent crude, chart analysis indicates it is positioned for a bullish run in the short term.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Building Permits scheduled to come out tomorrow at 13:30 UTC. United States New Home Sales (Mar) will be released tomorrow at 14:00 UTC. United States Consumer Confidence expected to decline to 104 while its preceding data was 104.2, data will be available tomorrow at 14:00 UTC.

10 months ago ICE Brent crude reached a significant high of $123.6 but has consequently lost 33.07% since then.