Brent Oil Technical Analysis: Bull flag seen in 4H chart

Brent oil is currently trading above $66.50 - the upper edge of the bull flag pattern seen on the 4-hour chart. A breakout would be confirmed if the current 4-hour candle closes above that level. 

4-hour chart

A bull flag is a pause that usually ends up accelerating the preceding bullish move. Brent, therefore, could rise well above $70 in the near-term if the flag breakout is confirmed. 

The RSI on the 4-hour chart is closing on overbought territory but is well short of the highs above 82.00 registered on Feb. 15. 

On the downside, a break below $65.56 (flag low) would confirm a bull-to-bear trend change on the 4-hour chart. 

Trend: teasing bullish continuation