ForecastCity_ME

Brent Crude Oil - Weekly technical analysis update

FX_IDC:USDBRO   U.S. DOLLAR / BRENT CRUDE OIL
Midterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.

Technical analysis:
The RSI downtrend #1 is broken, so the probability of continuation of uptrend is increased.
A trough is formed in daily chart at 42.70 on 11/13/2020, so more gains to resistance(s) 48.95, 54. 40 , 58.65 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 69.

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Comments

Great update. Thanks
+2 Reply
ForecastCity_ME DenizKilicDeniz
@DenizKilicDeniz, You're very welcome!
Reply
It really helps me as a beginner.keep going. stay awesome.
+1 Reply
ForecastCity_ME yusufipek1989
@yusufipek1989, Thank you for your comment. We appreciate it
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