Technical analytics

Candlestick chart analysis of Brent


Brent had a negative start to Wednesday. The benchmark gapped downwards and jumped from 53.50 to the 50-th figure. The downward pressure faded here and the black gold reversed its direction. Bulls got control after that and sent the rate through 53.50 to the 55.00 region. The moving averages kept moving south. MACD grew which is a buy signal. Stochastic lost downward strength and headed higher. The resistance resides at 55.50, the support comes in at 53.50.

A "Three inside out" bullish pattern was formed yesterday. The benchmark is challenging the 55.00 level now. A cut here will open the way towards 57.50.