Technical analytics

Candlestick chart analysis of Brent

Brent

Brent traded mixed on Friday. The benchmark was in buyers' hands the first part of the day. They drove the price to the 62.20 region, where the buying pressure faded, and the selling pressure increased instead. Sellers controlled the market in the Asian session on Monday. They managed to lead the "black gold" to 59.50 where they lost control.


The EMA200 is defending the 59.50 level. The EMA100 remained in the 57.50 area, acting as an additional support. The EMA50 is moving upwards, the EMA100 is neutral, while the EMA200 is still bearish. MACD decreased which confirms the strength of sellers. The RSI oscillator moved downwards. The resistance stands at 61.50, the support is at 59.50.


The "Dark cloud cover" pattern is formed on the chart. It is a reversal pattern and we expect the benchmark to move lower now. If sellers overcome 59.50, they will move towards 58.50, en route to 57.50.


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