Brent technical analysis: 200-day EMA exerts downside pressure towards $63.15/10

Brent Oil’s latest recovery fails to cross 200-day EMA.
100-day EMA, 38.2% Fibonacci retracement becomes key support to watch.

Anil Panchal FXStreet

Irrespective of Brent’s latest bounce off $64.20, the black gold remains below the 200-day exponential moving average (EMA) while taking rounds to $64.65 ahead of the London open on Wednesday.

The British oil benchmark’s sustained trading below key EMA increases the odds of its further declines towards 100-day EMA, 38.2% Fibonacci retracement of April-August drop, near $63.15/10.

In a case where bears dominate past-$63.10, multiple tops flashed during early-August can lure them to $61.50/40 support-area.

Meanwhile, a successful break above 200-day EMA level of $64.80 needs to overcome a 50% Fibonacci retracement level of $65.30 in order to aim for July month high of $67.45.

Additionally, buyers’ ability to cross $67.45 on a daily closing basis can renew hopes for the run-up towards latest high surrounding $69.80.

Brent Oil daily chart

Trend: bearish

additional important levels

Overview
Today last price	64.6
Today Daily Change	0.48
Today Daily Change %	0.75%
Today daily open	64.12

Trends
Daily SMA20	61.02
Daily SMA50	61.59
Daily SMA100	63.73
Daily SMA200	64.06

Levels
Previous Daily High	69.36
Previous Daily Low	63.66
Previous Weekly High	63.98
Previous Weekly Low	59.1
Previous Monthly High	64.54
Previous Monthly Low	55.88
Daily Fibonacci 38.2%	65.84
Daily Fibonacci 61.8%	67.18
Daily Pivot Point S1	62.07
Daily Pivot Point S2	60.01
Daily Pivot Point S3	56.37
Daily Pivot Point R1	67.77
Daily Pivot Point R2	71.41
Daily Pivot Point R3	73.47

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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