Brent Crude Oil - Weekly technical analysis update

2020年9月20日

Midterm forecast:
While the price is below the resistance 46.50, beginning of downtrend is expected.
We make sure when the support at 40.00 breaks.
If the resistance at 46.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
A peak is formed in daily chart at 39.56 on 09/14/2020, so more losses to support(s) 41.70 and minimum to Major Support (40.00) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 52.

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