Baxia Markets
May 28, 2021

Brent Oil Aims For 3-Month High

technical analysis top header -01


So far, Brent Oil is in a good spot to be able to overcome the 7.71% pullback it suffered last week. The pair has not completely recovered from it, however, it looks like the conditions are set for a strong comeback.


The Bollinger bands are starting to open up at the edge and we could see higher volatility in the upcoming trading sessions. The commodity found support at $64.60 and started climbing since. The next resistance level is at $70.22 which is the highest the pair has been since early March, when the price briefly reached $71.46. 


Graph Template (51)


The pair now trades above our short and long term moving averages which is often a good indicator of an uptrend, our relative strength index is at 57%, which would allow the pair to continue climbing in the short term, while the parabolic SAR indicator strengthens this signal.


We love to hear new ideas from traders and want to know what you think! 


If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.


Open Live Account  


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 


Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

Subscribe by Email