Technical analytics

Candlestick chart analysis of Brent


Brent remained rather unchanged on Tuesday. The benchmark is stuck between 60.50 and 59.50 and spent the day in the range without any firm directional bias. Sellers are not interested to lower the rate below 59.50, while buyers are unable to move though the EMA50 which is protecting the upside. The price is below the bearish moving averages. The MACD oscillator remained in the negative area, however, it remained close to the zero line. The Stochastic indicator bounced off the oversold area. The resistance resides at 61.50, the support comes in at 59.50.

The "Three inside up" pattern was formed on the chart. If buyers gather steam, they could drive Brent to 62.00 or even above.