Sat, Jun 10, 2023 @ 01:45 GMT
HomeContributorsTechnical AnalysisBrent Oil Returned above 200 SMA

Brent Oil Returned above 200 SMA

Brent oil returned above 200 SMA ($50.80), following several unsuccessful attempts to clearly break below it, with one of downticks also briefly probing below psychological $50.00 support.

Overall structure remains weak and sees risk of renewed attempts lower and final break below 200SMA and $50 support.

Daily Tenkan-sen ($51.17) limits upside attempts for now, however, room for further upticks exists.

Strong resistance zone between $52.34 and $52.63 (Fibo 38.2% of $56.62/$49.70 downleg / falling 20SMA / 16 Mar lower top) should cap extended recovery actions, before broader bears resume.

Below $50.00/$49.70 triggers, next good support lies at $49.1 (Fibo 61.8% of $43.56/$58.36).

Res: 51.17; 51.33; 51.57; 52.34
Sup: 50.80; 50.00; 49.70; 49.21

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading