Bullish Brent crude oil run stalls while silver, aluminium prices rise
LONDON (February 21) The Brent crude oil price remains on track for its strongest week in six despite Friday morning's drop, perhaps ending a straight four day winning streak.
The 14 February high at $75.57 per barrel and the 55-day simple moving average (SMA) at $75.39 may offer short-term support.
While this support zone holds, the Brent crude oil price remains on track to reach Thursday's $76.75 high, the 200-day SMA and current February highs at $77.01-to-$77.08.
Silver price rallies further
The spot silver price continues to target last week's $33.39 per troy ounce high, a rise above which would push the October peaks at $34.54-to-$34.86 to the fore.
Minor support below the 7 February three month high at $32.65 can be found along the January-to-February uptrend line at $32.37 and at Monday's $31.92 low. While it holds, the chart bias remains bullish.
Aluminium futures surge ahead
Front month aluminium futures are on track for their sixth straight day of gains with the mid-April 2022 high at 276.35 being targeted.
The previous February 34-month high at 262.20 may now act as minor support.
IG
