Technical analytics

Candlestick chart analysis of Brent


Brent started Wednesday on the defensive. The benchmark remained deeply in the red and moved lower first. Sellers moved the market to the 52.50 where they lost initiative. Buyers used this opportunity and returned in the game. They climbed to the 56.00 area where the EMA50 limited their rally. The benchmark faced selling rejection and returned to 53.50 after that. The "black gold" remained under bearish moving averages. MACD grew which indicates the sellers’ positions weakening. Stochastic turned higher yesterday. The resistance resides at 55.50, the support comes in at 53.50.

There were two candlestick patterns formed on the chart: the "Three inside up" and the "Bullish Harami". These patterns are giving us a buy signal, and we may expect Brent to move further upwards. In this potential scenario, the benchmark may visit the 56.50 area.

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