Technical analytics

Candlestick chart analysis of Brent


Brent was on a recovery mode yesterday. The benchmark started the day at 59.00 and started to march north afterwards. Bulls reached 59.50 in the early NY session and immediately regained the level and extended its near-term bullish momentum to 61.50.

The EMA200 is defending the 59.50 level, acting as an additional support. The EMA100 and the EMA50 are in the 57.50 area. The EMA50 is moving upwards, the EMA100 is still neutral, while the EMA200 continued its bearish slope. MACD gave s buy signal. The RSI oscillator moved away from the oversold levels. The resistance stands at 61.50, the support is at 59.50.

Buyers might push Brent higher towards 61.50 now.