Technical analytics

Candlestick chart analysis of Brent


The market sentiment switched to bullish yesterday. Sellers controlled Brent almost the whole day. They were pushing the price towards 59.50 the whole day and reached the target in the early NY session. The benchmark found fresh bids here and reversed its direction after that. A strong positive bias pushed the market towards 61.50 where the EMA100 failed to defend this level. Brent broke through this barrier in the night and headed towards 63.00 afterwards. The EMA50 remained neutral, the EMA100 started to change its course, while the EMA200 continued moving in the downward direction. MACD entered the positive territory. The resistance resides at 63.50, the support comes in at 61.50.

A bullish continuation through 61.50 should lead to a continued rally, with 63.50 as the first probable bullish target.