Technical analytics

Candlestick chart analysis of Brent


The oil market switched its sentiment on Friday. The benchmark started the day at 59.50, then the rate rose to the 60.50 hurdle, where the EMA50 is located. Bulls easily broke through this barrier and headed higher. They reached the resistance of 63.50 soon after that, which is reinforced by the EMA100. The benchmark ran through fresh offers here, which caused a sell-off to the 61.50 area. The EMA100 and EMA200 are moving downwards, while the EMA50 showed the first signs of a turnaround. The MACD histogram is near the zero point, the Stochastic indicator bounced off the overbought zone. The resistance resides at 63.50, the support comes in at 61.50. 
Buyers are looking to crack the key psychological resistance at 63.50 which is defended by the EMA100. However, we noticed a Bearish Harami on the chart. That might be a sign of a reversal or a pull back. The possible sellers target is the 61-st figure.

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