BRENT CRUDE OIL
BRENT CRUDE OIL
- USD (-)
- 10 min delayed data - NYMEX Futures
Open: -
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Type: Commodities
Ticker: BRN
ISIN:

BRENT CRUDE OIL - Is Slipping and Hit Our Target at $55.80 - 10/03/2017 (GMT)

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  • Timeframe : Daily

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The Brent Crude continues the downward correction run after the strong bounce off the $58.85 resistance level, a 26-month high. The oil plummeted more than 5.4% and is posting the sixth negative daily session in a row, hitting our recommended target at $55.80 (see technical analysis here: http://bit.ly/2xS8KR4). Our prediction is a further bearish movement until the $54.70 support barrier.

On the daily timeframe, the technical indicators are confirming the recent bearish attitude. The RSI indicator is falling in the positive path, whilst the stochastic oscillator entered the oversold zone. Also, the MACD oscillator dropped below the trigger line but is still holding within the bullish area.
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