Technical analytics

Candlestick chart analysis of Brent

Brent

Brent had another negative day on Monday. Sellers pressured the level 61.50 in the Asian session. They tried hard to retake the level, however, managed to overcome it only in the mid-European session. Bears made a good break and sent the benchmark to 60.50 where the EMA50 slowed down its decline. However, the negative sentiment remained strong and sellers moved to 59.50 afterwards. They reached this area in the night and stayed here till the morning. The price is below the bearish moving averages. The MACD oscillator dropped below the zero line and moved into the negative area. The Stochastic indicator reached the oversold area. The resistance resides at 61.50, the support comes in at 59.50.


One bearish candlestick pattern matched yesterday's price action – Three inside out. If the market follows this pattern, we could watch a further leg lower towards 58.50.


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