UK Brent Crude Oil Technical Analysis
The black gold continues to witness a further decline in value as this mark the fifth consecutive week of decline after reaching the 2018 high of 86.71. From a technical analysis perspective, Brent Crude has seen a pullback to test 50% Fibonacci retracement level (65.86) of the low – 44.39 and high – 86.71
The commodity on weekly chart though still well above the 100 Day Moving Average is presently below the intermediate support trendline with Moving Average Convergence and Divergence (MACD) in the bearish territory showing a strong momentum to the downside
The commodity needs to breach the resistance level 69.54 to ascertain that the bullish wave has resumed on the other hand a continued downtrend would still be in play if price action breaks below 63.51.