BRENT CRUDE OIL - Brent Crude Oil Ready For a New Challenge to the Upside - 12/04/2017 (GMT)
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BRENT CRUDE OIL Chart
The Brent crude oil surged more than 30% over the last six months after the strong bounce off the $44.55 support level and is developing within a strong ascending tendency. Moreover, on the daily timeframe, the price had a strong upside movement on Friday and rose more than 1%. Our forecast is a jump until the $64.50 resistance level, a 30-month high.The technical structure suggests neutral to bullish movement on the short-term timeframe. The MACD oscillator fell below the trigger line, whilst the RSI indicator lies in the positive zone, within the 50 and 70 level but is flattening. Also, the price jumped above 200-week SMA and posted a neutral week.
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