Brent oil – Trend reversal on charts
Breach of a major rising trend line (coming from Feb low and Aug low) support by yesterday’s candle suggests the rising trend from the Feb low has ended and prices could revisit September low of $45.12 in the days ahead.
Short-term loss of bearish momentum is not seen yet as the daily RSI is below 50.00, but still sufficiently above the oversold territory. The MACD too is showing no signs of loss of bearish momentum.
Short-term loss of bearish momentum is not seen yet as the daily RSI is below 50.00, but still sufficiently above the oversold territory. The MACD too is showing no signs of loss of bearish momentum.
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