James Dima, technical analyst at Marex Spectron, says to monitor for a major bullish development in Brent Crude.

Looking at a Chart of the February 2021 contract (H21) Dima notes a crossover of the 50-day moving average (red line) above the 200-day moving average (blue line) would give a bullish ‘Golden Cross’ signal.

Dima says this set-up has led to many 3 to 6 month trends, though he warns the 50-day moving average slope is not ideal (pointing down), making it vulnerable to uncrossing on any severe declines in the next few sessions.

See Chart.