Oil prices have a good start to 2021. Brent is testing 18 December high 52.48. If the price able to break this resistance 55.88-59.70 zone can be targeted. 3-year bearish trend line 59.70 can be key resistance for the medium-term. As long as this level holds, upside moves can be profit-taking opportunities for bullish traders. Bulls also can follow over and below 21-day moving average closes for a stop.
Below the 21-day moving average, 46.50 may become the first major support level.