ForecastCity
Long

Brent Crude Oil Important technical analysis update

FX_IDC:USDBRO   U.S. DOLLAR / BRENT CRUDE OIL
Midterm forecast:
. While the price is below the resistance 44.55, beginning of downtrend is expected.
. We make sure when the support at 36.95 breaks.
. If the resistance at 44.55 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
. There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08 and the peak at 43.93 on 2020-06-23, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
. While the RSI support #1 at 50 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 43.80 on 07/06/2020, so more losses to support(s) 42.20, 40 .00 and minimum to Major Support (36.95) 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 62.
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Comments

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+1 Reply
@fxniki, Thanks 🌹
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The very nice analysis described brilliantly...

Thank you for your contribution
+1 Reply
ForecastCity Alexander_007
@Alexander_007, You're welcome! Thanks!
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Thank You for sharing!
+1 Reply
@Sir_Ray, My pleasure!
Reply
Good analysis as usual
+1 Reply
ForecastCity Kristalyn
@Kristalyn, We appreciate your comment
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Great analysis
+1 Reply
@Kamryn, Thanks for your comment
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