Brent crude: Technical Analysis – the downward trend in the narrow channel
W1 (price on the weekly chart) It is located in a primary downtrend in the secondary ranked movement in a narrow channel between the support level 60.92
and 69.57 resistance levels:
- the price moves in different directions between the levels 60.92
- ‘Reversal’ line Senkou
Span A (which is one of the clouds and virtual boundaries Ichimoku
boundary between the primary downward and upward trends in the primary
price chart) is higher than the price, and far enough away from it to turn to the primary bullish trend this week;
- ‘Breakout‘ line Chinkou
Span Ichimoku indicator crossed rates for possible local upward movement (Rally market) but this intersection line Chinkou occur in the horizontal direction
Span, indicating a narrow ranked price movement;
- The closest the key resistance level of 69.57;
- The closest support level 60.92.
W1 If the price breaks the support level 60.92 on the weekly bar closed, the primary bearish trend will continue.
W1 If the price breaks the resistance level 69.57, we will see the market rally with a good opportunity to turn the price of a primary bull trend in the coming weeks.
If not, then the price will move in the channel between the levels of 69.57 and 60.92 levels in the downtrend.
- Recommendation for long: monitoring the resistance of intersection 69.57 price level with the possible opening of the buy orders.
- Recommendation for short: after hitting 60.92 support level might warrant the opening of a sell.
- Trading Summary: multidirectional channel
|68.08 (W1)||60.92 (W1)|
|69.57 (W1)||N / A|
- H4 – correction within a multi-directional bullish trend
- D1 – multidirectional
- W1 – multidirectional bear
- MN1 – multidirectional bear
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