The energy commodity lost 1.44% in the last two trading sessions, the pair couldn't manage to hold the breakout on the resistance level at 81.75 on our 23.2% Fibonacci retracement.
The Bollinger bands are wide and they are still opening and moving upwards, which often indicates that the uptrend would continue, the pair trades closer to the upper band, suggesting that the price is relatively high, we are most likely seeing a temporary pullback and this will allow the price to continue the uptrend in the mid-term.
The relative strength index is at 59% which will allow the price to continue the uptrend once the price correction is over. It's likely that the price will fall a few more points as well as the RSI. Brent’s next support level is at 78.7 in our 38.2% Fibonacci retracement.
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.
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.
