ForecastCity

Brent Crude Oil Important technical analysis update

Long
FX_IDC:USDBRO   U.S. DOLLAR / BRENT CRUDE OIL
Midterm forecast:
. While the price is below the resistance 45.00, beginning of downtrend is expected.
. We make sure when the support at 36.95 breaks.
. If the resistance at 45.00 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 45 on 2020-07-21, 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 45.00 on 07/21/2020, 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 56.

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Comments

Thank You for sharing it.💯💯
+1 Reply
@fxniki, You got it.
Reply
Thank You for sharing!
+1 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, It's our pleasure!
+1 Reply
Thx 😍😍😍😍😍😍
+1 Reply
ForecastCity Forecast_Crypto
@Forecast_Crypto, You're welcome!
+1 Reply
thanks for your ideas
+1 Reply
ForecastCity Josef_anderson
@Josef_anderson, With pleasure!
+1 Reply
Great analysis, keep up the great work!
+1 Reply
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