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Brent Crude Oil- A quick analysis

Brent Crude Oil chart analysis

crude oil technical chart daily pullback and breakdown from trendline
Crude oil daily chart

As you can see on the top left corner, Brent Crude had taken resistance at the trendline and fallen lower from $77.8 to $68.

It temporarily took support at the trendline and bounced up but failing to sustain the move, it continued to fall below and breached the trendline on 4th August.

Then Brent Crude continued to correct further 10% to finally take support at $64.5 which was also the 200 EMA on the daily chart (no surprise there)

Since then, Crude rallied all the way back to the prior support now turned resistance (fungibility) in a strong pullback (read about pullback here).

Currently Crude is standing at $71.7. Here on we can expect the black gold to fall again to the 200 EMA level @ $65, that is 9.3% down.


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