Technical analytics

Candlestick chart analysis of Brent


Brent was under heavy selling pressure yesterday. Sellers attacked 55.50 and spent the most part of the day struggling with it. Bears managed to reclaim this obstacle in the afternoon session. They moved lower and dragged the benchmark to the 54.50 area. The moving averages kept moving south. MACD declined in the negative area, reflecting the strength of sellers. Stochastic kept consolidating within the oversold levels. The resistance resides at 55.50, the support comes in at 53.50.

A move below 54.50 should confirm the strength of sellers. They might reach 54.00 in the coming hours.

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