The Brent Crude Oil and the reversal candlestick pattern

Amir Khedri Independent Analyst

The Brent crude oil raised about 50% from the beginning of 2019 until now and it seems as if this uptrend is near to its end, the upper bound of the parallel channel (which was at 75$) has been touched and the reversal candlestick pattern is obvious.

70$ (the lower bound of the parallel channel) will be the next support level which is going to be struggling and tough to break, but, if the price breaks this support level at 70$, the second support level should be considered at 67$ and the third support level will be at 62.17.

Author

Amir Khedri

Independent Analyst

Amir Khedri, the FX market analyst, lives in Tehran (Iran).

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