Technical analytics

Candlestick chart analysis of Brent

Brent

The buying bias continued to grow around Brent. The benchmark remained in the negative ground, however, the commodity tried to leave it. A bout of fresh buying pressure sent the rate from 71.50 to the 73.50 area. Buyers did not find any reason to push the benchmark higher and the commodity reversed after that. As a result, sellers returned the price to 71.50. A bullish engulfing candle and the Bullish Harami pattern were recently formed in the market. MACD grew in the negative area. Stochastic continued its rise from the oversold levels. The moving averages continued heading south. The resistance stands at 72.50, the support is at 71.50.


Brent is likely to start a recovery and may move to the 73.00 region now.


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