Brent Crude Oil – Weekly technical analysis update for FX_IDC:USDBRO by ForecastCity — TradingView


Midterm forecast:
While the price is below the resistance 46.50, beginning of downtrend is expected.
We make sure when the support at 36.95 breaks.
If the resistance at 46.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

While the RSI downtrend #1 is not broken, bearish wave in price would continue.

A peak is formed in daily chart at 45.44 on 11/11/2020, so more losses to support(s) 41.70, 40 .00 and minimum to Major Support (36.95) is expected.

Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.

Relative strength index ( RSI ) is 54.

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