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, beginning of downtrend is expected.
We make sure when the support at 40 .00 breaks.
If the resistance at 46.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
A peak is formed in daily chart at 39.56 on 09/14/2020, so more losses to support(s) 41.70 and minimum to Major Support ( 40 .00) 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 52.

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Comments

Comprehensive analysis.
+2 Reply
ForecastCity DenizKilicDeniz
@DenizKilicDeniz, Thanks. We're glad you like it.
+1 Reply
ForecastCity DenizKilicDeniz
@DenizKilicDeniz, What's your view of Brent?
+1 Reply
Support and resistance lines are excellent. 👌
+1 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, Thanks for your kind comment.
Reply
hank you for sharing this fantastic analysis. 👌
+1 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, You're welcome.
Reply
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