Quick Technical Overview - Brent Crude Oil: daily bearish reversal or bullish trend to be resumed
16 November 2016, 09:54
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The daily price is located abobe 200-day SMA and below 100-day SMA for the bullish market condition with the secondary ranging within the following support/resistance levels:
- 47.82 resistance level located near and above 100 SMA in the beginning of the bullish trend to be resumed, and
- 44.76 support level located below 200 SMA in the primary bearish trend to be resumed.
- If the price breaks 47.82 resistance level on close bar so the bullish trend will be resumed.
- If price breaks 44.76 support on close bar so the primary bearish reversal will be started.
- If not so the price will be ranging within the levels.
| Resistance | Support |
|---|---|
| 47.82 | 44.76 |
| 48.95 | 44.18 |
| 50.07 | N/A |
