Muted session threatens to disturb Brent crude's ongoing uptrend

On a 6 day uptrend, Thursday's session put the brakes on the ongoing uptrend — Brent crude oil recovered back to $84.83 per barrel after dipping down to $84.05, in a session that followed Wednesday's $85.12 close value.

Brent Crude Oil made an initial break below its 3 day Simple Moving Average at $83.34, a possible indication of a forthcoming negative trend. Brent crude's upper Bollinger Band® is at $87.33, suggesting that a downward move may follow. In contrast, ICE Brent crude is currently alternating around $84.12 with price action moving above and below this key level throughout the session.

Despite the market lacking direction, technical chart analysis strongly suggests Brent crude oil is positioned for a downward move in the near term.

While Brent crude oil was pretty flat Thursday, mixed performances were seen elsewhere as a flat day for Natural Gas, closing at $2.04.

Approximately 10 months ago, Brent crude oil reached a significant high of $123.6 but has struggled to hold onto its gains and declined 31.13% since then.