On 1-June-2021, Brent successfully penetrated 2 converging key resistances i.e.
a) Long Term (7 years) Down Trendline (from June 2014)
b) Symmetrical triangle chart pattern (from March 2021 to End-May 2021)
Brent is about to challenge the Major Long Term Down Trendline (from Jul 2008 – All Time High), around the range of USD77.30 to USD77.60.
In case this is penetrated, from the technical point of view, the next resistances within one-month timeframe are:
a) USD80 as psychological resistance, confluences with the height of symmetrical triangle
b) USD85.57 of 161.8% Golden Ratio Fibonacci Extension.
On the flip side, using the daily chart, the price is now moving within a raising wedge, an indication of potential short-term bearish.
Support zone is USD72.11 to USD74.46
Note: This analysis is not the reflection of my Company's views.
a) Long Term (7 years) Down Trendline (from June 2014)
b) Symmetrical triangle chart pattern (from March 2021 to End-May 2021)
Brent is about to challenge the Major Long Term Down Trendline (from Jul 2008 – All Time High), around the range of USD77.30 to USD77.60.
In case this is penetrated, from the technical point of view, the next resistances within one-month timeframe are:
a) USD80 as psychological resistance, confluences with the height of symmetrical triangle
b) USD85.57 of 161.8% Golden Ratio Fibonacci Extension.
On the flip side, using the daily chart, the price is now moving within a raising wedge, an indication of potential short-term bearish.
Support zone is USD72.11 to USD74.46
Note: This analysis is not the reflection of my Company's views.