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Sunday, February 21, 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 peak is formed in daily chart at 64.83 on 02/18/2021, so more losses to support(s) 58.65 and minimum to Major Support (54. 40 ) 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 66.

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