Brent Price Analysis: Oil hits two-month high

• Brent hits over a two-month high price of $44 per barrel. 
• The daily chart shows a bullish channel breakout. 

Oil prices reached two-month highs a few minutes before the press time, extending the weekly gain on optimism generated by the US drugmaker Pfizer's disclosure of positive results of its coronavirus vaccine. 

Brent crude rose to $44.16, the highest level since Sept. 4. 

The move comes a day after the black gold advanced 4.76%, confirming an upside break of the channel pattern represented by trendlines Sept. 18 and Oct. 9 highs and Oct. 2 and Nov. 2 low and opening the doors for a re-test of the Aug. 31 high of $46.50. 

The breakout is backed by an above-50 or bullish reading on the 14-day relative strength index. Further, the MACD histogram is printing higher bars above the zero line, indicating a strengthening of the upward momentum. 

The bullish bias would be invalidated if oil ends Wednesday below $41.72 (Tuesday's low). 

Daily chart

Trend: Bullish

Technical levels