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.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.