ForecastCity

Brent Crude Oil - Weekly technical analysis update

Short
FX_IDC:USDBRO   U.S. DOLLAR / BRENT CRUDE OIL
Midterm forecast:
While the price is below the resistance 46.30, beginning of downtrend is expected.
We make sure when the support at 36.95 breaks.
If the resistance at 46.30 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08 and the peak at 46.32 on 2020-08-05, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
While the RSI support #1 at 55 is not broken, the probability of price decrease would be too low.
A peak is formed in daily chart at 46.30 on 08/04/2020, so more losses to support(s) 41.70, 40 .00 and minimum to Major Support (36.95) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index ( RSI ) is 54.

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Comments

Very interesting and informative
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Very accurate, thank you.
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ForecastCity Carbenedict
@Carbenedict, You're welcome! Thanks for your comment
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This is helpful.👍
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ForecastCity Mesutkashmar
@Mesutkashmar, Thank you
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Thanks for sharing
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ForecastCity Kristalyn
@Kristalyn, Our pleasure!
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Very good analysis!
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ForecastCity DenizKilicDeniz
@DenizKilicDeniz, Thank you
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Excellent
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