LCO +0.36% Add to/Remove from WatchlistChinese growth underwhelmsLibya resumes production after brief outageKey technical support levels still belowprices pulled back from last week’s highs today, weighed down by the weaker Chinese figures and reports of some Libyan outages being restored. The numbers from the world’s second-largest economy are almost certainly the bigger factor here especially against the backdrop of sluggish growth around the globe. It also falls around the 100-day SMA which could be viewed as a bullish signal, despite the early week setback. Brent Crude DailyBrent Crude Daily ChartSource – OANDA on Trading ViewIf it can hold above this level, even a little lower, say $77, it could be viewed as a breakout confirmation move which in theory is a bullish signal. That’s not to say a move below here would be a bearish move; it could prove to be of course but there are other potential support levels below.

Source: Libya Today July 18, 2023 20:05 UTC