Brent Technical Analysis: Up 0.5%, focus on today's close


  • Tuesday's Doji indicates the brent oil market has turned indecisive. 
  • A close below Tuesday's low would be bearish. 

Brent oil is currently trading at $61.28 per barrel, representing a 0.5% gain on the day.

The black gold charted a Doji candle on Tuesday, signaling indecision in the market place.

The indecisive price action has neutralized the bearish view put forward by Friday's downside break of the trendline connecting the Oct. 3 and Nov. 1 lows.

A bullish reversal would be confirmed if prices close Wednesday above Doji's high of $61.56.

On the flip side, a close below Doji's low of $60.32 would validate the downside break of the ascending trendline and will likely yield a sell-off to $58.63 (Oct. 31 low).

Daily chart

Trend: Neutral

Technical levels

Brent Oil

Overview
Today last price 62.07
Today Daily Change 0.28
Today Daily Change % 0.45
Today daily open 61.79
 
Trends
Daily SMA20 62.72
Daily SMA50 61.34
Daily SMA100 61.37
Daily SMA200 64.32
 
Levels
Previous Daily High 62.37
Previous Daily Low 61.09
Previous Weekly High 64.54
Previous Weekly Low 61.29
Previous Monthly High 64.54
Previous Monthly Low 59.64
Daily Fibonacci 38.2% 61.58
Daily Fibonacci 61.8% 61.88
Daily Pivot Point S1 61.13
Daily Pivot Point S2 60.47
Daily Pivot Point S3 59.85
Daily Pivot Point R1 62.41
Daily Pivot Point R2 63.03
Daily Pivot Point R3 63.69

 

 

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