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

Today last price 61.88
Today Daily Change 0.10
Today Daily Change % 0.16
Today daily open 61.78
Daily SMA20 62.79
Daily SMA50 61.36
Daily SMA100 61.4
Daily SMA200 64.34
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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD advances above 1.14 after unchanged ECB, mixed US data

EUR/USD is trading above 1.14, higher after the ECB left policy unchanged and called governments to act. US retail sales beat with 7.5% while jobless claims disappointed with 1.3 million. US coronavirus figures are showing further increases in cases.


GBP/USD advances above 1.26 amid mostly upbeat US, UK data

GBP/USD is trading above 1.26, higher. The UK jobs reports showed low unemployment but also depressed wages. US retail sales beat expectations but jobless claims remain high. 


Gold trades with modest losses, downside remains limited

Gold witnessed a modest intraday pullback amid a pickup in the USD demand. The prevalent risk-off mood extended some support to the safe-haven metal. A sustained break below $1800 is needed to confirm a bearish break.

Gold News

Why is the crypto market falling today?

War for dominance impacts the market and heralds several days of turbulence. Fight between Bitcoin and Ethereum hurts the Altcoin segment, which is largely overbought after weeks of euphoria. Ripple is the most affected of the Top 3 and steps back into a high-risk environment.

Read more

Oil : The price action seems indecisive at these elevated levels

WTI is still in a bull trend on the chart below but at these elevated levels, it seems the price seems to be very jittery. Previously within this trend when the price moved higher the size of the bullish candles was bigger. 

Oil News