Technical analytics

Candlestick chart analysis of Brent


The selling pressure increased yesterday. Buyers pushed the benchmark to 62.00 first. Brent ran through fresh offers here and softened to 59.50.

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 still neutral, while the EMA200 continued its bearish slope. 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 still in force. 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.