Oil Technical Analysis: Brent defends 50-day EMA despite pennant breakdown
|- Brent suffered a pennant breakdown yesterday, signaling a continuation of the sell-off from the high of $85.08, still, the bears have not been able to keep prices below $80.00.
- More importantly, brent defended 50-day exponential moving average (EMA) support yesterday, despite the pennant breakdown.
- As a result, a minor bounce to $81.00 could be in the offing and only a daily close below the 50-day EMA of $79.47 would revive the bearish view.
4-hour Chart
Daily Chart
Current Price: $80.13
Daily High: $80.29
Daily Low: $79.88
Trend: Bullish
R1: $80.78 (5-day EMA)
R2: $81.41 (10-day EMA)
R3: $81.83 (previous day's high)
Support
S1: 80.00 (psychological support)
S2: $79.47 (50-day EMA)
S3: $78.55 (50% Fib R of $70.33/$86.71)
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