Brent Crude Oil - Weekly technical analysis update

Midterm forecast:
. While the price is below the resistance 46.50, beginning of downtrend is expected.
. We make sure when the support at 40 .00 breaks.
. If the resistance at 46.50 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 46.525 on 2020-08-26, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
. The RSI support #1 at 55 is broken, so the probability of beginning of downtrend is increased.
. A peak is formed in daily chart at 46.50 on 08/25/2020, so more losses to support(s) 41.70 and minimum to Major Support ( 40 .00) is expected.
. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
. Relative strength index ( RSI ) is 35.

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Very nice. Thanks for sharing this update.
+1 Reply
ForecastCity yusufipek1989
@yusufipek1989, Always a pleasure!
ForecastCity yusufipek1989
@yusufipek1989, We hope you find it useful.
Brilliant explanation. Thank you.
+1 Reply
ForecastCity Kristalyn
@Kristalyn, You're most welcome!
ForecastCity Kristalyn
@Kristalyn, Now, tell us what you think of Brent?
Great update!
+1 Reply
@Sir_Ray, Thanks!
@Sir_Ray, What's your take of Brent? We'd be glad to see your idea here.
very detailed technical analysis.
+1 Reply