Technical analytics

Candlestick chart analysis of Brent

Brent

Brent remained deeply in the red on Wednesday. The benchmark spent half of the day in the narrow range 56.50-55.50. Brent got in bulls' hands in the evening. They dragged the rate to the 57.50 hurdle where black gold found fresh offers and returned to the 56.50 region. The moving averages are heading lower. MACD grew in the negative territory. Stochastic left the oversold levels. The resistance resides at 57.50, the support comes in at 55.50.


If Brent oil prices remain above 57.00, they will be able to test 58.50 in the coming days. An additional buying signal come from the bullish candlestick pattern “Three inside out”.


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