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Saturday, February 06, 2021

๐Ÿ’กBrent Crude Oil - Weekly technical analysis update

๐Ÿ’กBrent Crude Oil - Weekly technical analysis update

Midterm forecast:
54. 40 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 trough is formed in daily chart at 54. 40 on 02/ 01 /2021, so more gains to resistance(s) 62.30, 66.05, 70.35 and more heights 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 73.

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