Brent Technical Analysis: Rising trendline breached, but bearish follow-through elusive


  • Brent charted an inverted hammer on Monday, neutralizing Friday's bearish breakdown. 
  • A move below $60.73 is needed to revive the bearish setup. 

Brent oil is currently trading at $61.08 per barrel, representing a 0.25% gain on the day. 

The black gold on Friday dived out of an ascending trendline connecting the Oct. 3 and Nov. 1 lows. 

The breakdown, however, failed to embolden sellers on Monday. In fact, brent ended up neutralizing the bearish setup with an inverted bullish hammer. 

The bearish case would be revived if prices find acceptance below Monday's low of $60.73. That will likely yield a sustained drop below $58.63 (Oct. 31 low). 

On the higher side, a move above Monday's high of $62.06 is needed to validate the bullish inverted hammer and confirm a trend change. 

Daily chart

Trend: Neutral

Technical levels

Brent Oil

Overview
Today last price 61.88
Today Daily Change 0.10
Today Daily Change % 0.16
Today daily open 61.78
 
Trends
Daily SMA20 62.79
Daily SMA50 61.36
Daily SMA100 61.4
Daily SMA200 64.34
 
Levels
Previous Daily High 62.91
Previous Daily Low 61.58
Previous Weekly High 64.54
Previous Weekly Low 61.29
Previous Monthly High 64.54
Previous Monthly Low 59.64
Daily Fibonacci 38.2% 62.09
Daily Fibonacci 61.8% 62.4
Daily Pivot Point S1 61.27
Daily Pivot Point S2 60.76
Daily Pivot Point S3 59.94
Daily Pivot Point R1 62.6
Daily Pivot Point R2 63.42
Daily Pivot Point R3 63.93

 

 

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