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 46.50, resumption of downtrend is expected.
We make sure when the support at 38.90 breaks.
If the resistance at 46.50 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:
A trough is formed in daily chart at 38.90 on 10/02/2020, so more gains to resistance(s) 44.15 and maximum to Major Resistance (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 53.

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Comments

It's outstanding 👍
+2 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, Thanks for your kind comment. 💎🙏💎
+1 Reply
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