Technical analytics

Candlestick chart analysis of Brent


Brent remained in the green on Wednesday. The benchmark ran through fresh bids at 59.50 and headed towards 61.50 where the buying momentum lost legs.

The EMA200 defended the 61.50 level and stopped buyers here. The EMA100 is in the 57.50 area, acting as an additional support. The EMA50 is moving upwards, the EMA100 started to change its course, while the EMA200 is still bearish. MACD remained at the same level which confirms the strength of buyers. The indicator Stochastic consolidated in the overbought levels. The resistance stands at 61.50, the support is at 59.50.

One bullish candlestick pattern was formed yesterday. It is "Three inside up". It is a bullish pattern and if it is correct Brent might advance further to the 62.50 region.