Quick Technical Overview - Brent Crude Oil: daily bearish reversal or bullish trend to be resumed

Quick Technical Overview - Brent Crude Oil: daily bearish reversal or bullish trend to be resumed

16 November 2016, 09:54
Sergey Golubev
5
158

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
47.8244.76
48.9544.18
50.07N/A

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