ForecastCity

💡Brent Crude Oil - Weekly technical analysis update

FX_IDC:USDBRO   U.S. DOLLAR / BRENT CRUDE OIL
Midterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.

Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 52.38 on 12/18/2020, so more losses to support(s) 48.95 and minimum to Major Support (46.50) 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 64.

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Comments

Thank you, very useful analysis, Cheers 👍
+1 Reply
@Kamryn, Cheers 👍
Reply
Thanks for the idea. Keep updating it 👏
+1 Reply
ForecastCity Pro_Trader_007
Reply
Nice chart
+1 Reply
@fxpays, Thanks for your comment.
Reply
It's a nice technical analysis. keep up professional charting.
+1 Reply
ForecastCity Josef_anderson
@Josef_anderson,Thank you for your support.
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Your ideas are always so helpful guys 🥰
+1 Reply
ForecastCity TRADESBYZION
@TRADESBYZION, Thanks. We hope you enjoy it.
+1 Reply