ForecastCity_ME

Brent Crude Oil - Weekly technical analysis update

Short
FX_IDC:USDBRO   U.S. DOLLAR / BRENT CRUDE OIL
Midterm forecast:
41.70 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 41.70 is broken.

Technical analysis:
The RSI bounced from the resistance #1 at 55 and it prevented price from more gains.
A peak is formed in daily chart at 43.65 on 10/15/2020, so more losses to support(s) 36.95, 33.80, 19. 40 and more depths 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 32.

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Comments

Excellent forecast. Thanks for sharing this great idea!
+2 Reply
ForecastCity_ME Forecast_Crypto
@Forecast_Crypto, You're very welcome! Thanks for your comment.
+1 Reply
You've been very helpful . Thanks.
+1 Reply
ForecastCity_ME Mehmetozdemi
@Mehmetozdemi, You're very welcome!
Reply
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