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Sunday, January 17, 2021

๐Ÿ’กBrent Crude Oil - Weekly technical analysis update

๐Ÿ’กBrent Crude Oil - Weekly technical analysis update

Midterm forecast:
52.45 is a major support, while this level is not broken, the Midterm wave will be uptrend.

Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 57.25 on 01 /13/2021, so more losses minimum to Major Support (52.45) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index ( RSI ) is 61.

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