Technical analytics

Candlestick chart analysis of Brent


Brent remained in bulls' hands on Friday. A fresh buying interest helped the benchmark to move through the EMA50 and to regain the 55.50 level. A bullish acceleration sent the rate to the 57.50 area afterwards where the EMA100 stopped the incline. Buyers' attempts to regain the level failed, and Brent oil prices pulled back to 57.00. The EMA50 started to change its course, while the EMA100 and the EMA200 kept heading south. MACD grew in the positive area, which is a buy signal. Stochastic left the overbought zone. The resistance stands at 57.50, the support is at 55.50.

Buyers need to overcome the 57.50 level if they want to neutralize sellers' influence. If they succeed, they will get the chance to test the 58.50 level. If sellers return, they will move the benchmark to 54.50.