Technical analytics

Candlestick chart analysis of Brent


Brent remained in the red figures on Friday. The benchmark started the day in a tight range 61.50-60.50, and spent the Asian and the European sessions here. A strong selling pressure emerged in the early NY session. Brent edged lower and reached 59.50 by the end of the day. The moving averages are heading south. MACD is staying around the zero line. Stochastic moved lower. The resistance resides at 61.50, the support comes in at 59.50.

Sellers are unlikely to regain 59.50. Their previous attempts to regain this barrier failed, and we assume this scenario repeats this time as well. If so, Brent oil prices may revisit 61.50 again.