ForecastCity_ME

Brent Crude Oil - Weekly technical analysis update

Short
FX_IDC:USDBRO   U.S. DOLLAR / BRENT CRUDE OIL
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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Comments

Good!
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@Kristalyn, Thank you!
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@Kristalyn, what's your view?
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Thanks for the update
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@Sir_Ray, hope you enjoy it.
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@Sir_Ray, It's our pleasure!
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very detailed technical analysis. Thank you! I learn a lot from your charts.
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ForecastCity_ME DenizKilicDeniz
@DenizKilicDeniz, Thanks for your comment
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ForecastCity_ME DenizKilicDeniz
@DenizKilicDeniz, We appreciate your comment.🙏
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