BRENT CRUDE OIL - Profit Locked to the Downside at $49.50! - 06/05/2017 (GMT)
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BRENT CRUDE OIL Chart
The Brent crude oil had an extremely bearish slip the previous two weeks and on Friday’s session printed a one-month low at the significant psychological level of $49.00 a barrel. The price penetrated the ascending trend line that is holding more than a year but failed to end the day below it. Early today, oil market rose more than 1% and earned back some of its losses.
The Brent reached our recommended target at $49.50 (see technical analysis here: http://bit.ly/2rFom8f) and now is approaching the 200 and 50 SMAs, near $52.50 on the daily chart. A successful break beneath the uptrend line will slip the oil towards $46.70 support handle. The MACD oscillator fell below its mid-level while the RSI indicator fell below the 50 level but is sloping to the upside.
The Brent reached our recommended target at $49.50 (see technical analysis here: http://bit.ly/2rFom8f) and now is approaching the 200 and 50 SMAs, near $52.50 on the daily chart. A successful break beneath the uptrend line will slip the oil towards $46.70 support handle. The MACD oscillator fell below its mid-level while the RSI indicator fell below the 50 level but is sloping to the upside.
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