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CoinVigilante

Brent Oil in trading range, low volume

Brent Oil Futures (MOEX:BR1!)  
CoinVigilante  
MOEX:BR1!   Brent Oil Futures
Trend Analysis Chart Patterns Rectangle brentcrudeoil brentoil futurestrading futures
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trendanalysis chartpattern rectangle brentcrudeoil brentoil futurestrading futures
BR1! Brent Oil Futures has been in a trading range since March of 2022 on the daily chart forming a rectangle pattern. The support is found at $96.00 and the resistance at $124.00.
A close above $127.00 will confirm the pattern's breakout, with a target price of $152.00.
A close below $90.20 will confirm the pattern's breakout, with a price target of $73.30. Note that not every price target is met.

$BR1! has been trading below the 100 EMA since the first week of July of 2022.
It is essential to observe the low trading volume since the month of March. A low volume after an uptrend could indicate that the trend is ending, and a reversal might start.
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