- Brent oil found acceptance below the trendline sloping upwards from the Aug. 16 low and Sept. 21 low in Asia, having witnessed a bear flag breakdown yesterday and fell to $81.39 - the lowest level since Sept. 28.
- The 14-day relative strength index (RSI) is threatening to drop below 50.00, in bearish territory, having breached the rising trendline.
- The 5-day and 10-day exponential moving averages (EMAs) have produced a bearish crossover.
- Brent looks set to test key support at $80.48 (50% Fib R of $70.33/$76.71), albeit after a minor bounce, as the 14-hour RSI has dipped into oversold territory, below 30.00.
Current Price: $81.82
Daily High: $82.61
Daily Low: $81.39
R1: $82.35 (previous day's low)
R2: $82.69 (Oct. 8 low)
R3: $83.14 (5-day EMA + 10-day EMA)
S1: $81.13 (Sept. 26 low)
S2: $80.48 (38.2% Fib R of $70.33/$76.71)
S3: $80.00 (psychological level)
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.