Technical analytics

Candlestick chart analysis of Brent


Brent remained under heavy selling pressure on Monday. Buyers' attempt to build a recovery failed, when they approached the 61.50 hurdle. The EMA50 and the EMA100 blocked bulls' way and rejected the benchmark downwards. The price moved to 59.50 first, and then sellers led the market to the 58.50 mark. The moving averages are heading south. MACD returned into the negative area. Stochastic moved lower. The resistance resides at 59.50, the support comes in at 57.50.

According to the current price action sellers will most likely to remain in the driver's seat. Besides, we noticed a bearish engulfing on the chart. If this pattern is true, we will witness a move lower towards 57.50 in the coming sessions.