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.

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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