Brent Crude poised for a renewed uptrend or just a minor throwback

BrentCrude finds support at 58.20 (previous resistance now support level) interesting to watch how the week would end. A renewed buying pressure or throwback for a downtrend? The end of the week tells it all

At the weekly chart above, a break and close above 63.04 on the weekly chart would signal a possible uptrend eyeing the nect level of 69.54. On the other hand if price action finds resistance at the SMA 100 then a selling pressure could see the commodity trade below 58.40 triggering more downward move

 

Happy Trading

About Adeshina Adetunji 14 Articles
Adeshina Adetunji, CFTe MSTA(UK) Managing Partner/Head Coach,Tredonomics Partners Limited. He is President, Traders, Investors & Analysts (TIA) MEETUP. Adeshina is a Certified Financial Technical Analysts (CFTe)

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