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Brent rises above technical resistance at $79.65 as it eyes $80 once more

Since my last update here, noting the drop below $79 in the price of March Brent crude, the price has rebounded. Brent for March delivery has recently hit a session high around $79.96 and it has now busted back above its 200 day moving average. That has remained in place today at $79.65. It looks like the break above this level has prompted some fresh system based buying and might have tripped a few short-term stops too. Brent for March delivery is currently trading at $79.93

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