Baxia Markets
December 30, 2022

Brent Oil managed to break 3 resistance levels

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The energy commodity reversed the downtrend and managed to break through three resistance levels in the last seven sessions. We might see a correction soon as the price gets closer to the Ichimoku cloud.


The Bollinger bands are moving upwards but not opening much, the pair trades closer to the upper band, suggesting that the price is relatively high, however, the relative strength index is still below 70% (currently at 57%) and this could potentially attract more investors to go long on the pair.


Brent Dec 16th 2021


The parabolic SAR indicates that the price will continue to move up in the short term, we are seeing the moving averages get closer and the price passed the 50% Fibonacci retracement which is often a good indicator of a trend reversal.


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