BRENT CRUDE OIL - Continues Rising Intact for $56.80 - 05/22/2017 (GMT)
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BRENT CRUDE OIL Chart
Brent Crude Oil challenged the $46.70 significant barrier with a spike, below the long-term rising trend line which stands since April 2016. Though, after the tricky break of the trend line near $49.00, it gained momentum to the upwards, recording two consecutive winning weeks and surpassed above both the 50 and 200 SMAs on the daily chart. Going to the 4-hour timeframe, the commodity is trading above all the three 50, 100 and 200 SMAs, after a bullish crossover between the 50 and 100 SMAs.
We would expect the commodity to continue rising until the $56.80 - $57.35 resistance zone, as we also suggested in our previous analysis when the price was near $51.60 (see the analysis here: http://bit.ly/2qix76T). However, the price must first pass above the 100-daily SMA. The MACD oscillator is rising above the trigger line and is now on course to cross the zero line and enter the positive area. RSI is also rising clearly and is approaching the 70-level. Both indicators are endorsing our bullish forecast.
We would expect the commodity to continue rising until the $56.80 - $57.35 resistance zone, as we also suggested in our previous analysis when the price was near $51.60 (see the analysis here: http://bit.ly/2qix76T). However, the price must first pass above the 100-daily SMA. The MACD oscillator is rising above the trigger line and is now on course to cross the zero line and enter the positive area. RSI is also rising clearly and is approaching the 70-level. Both indicators are endorsing our bullish forecast.
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