Will Brent hit 92 again?
Brent oil dropped from 113 to 76. It bounced off the 76 bottom on Trump's comments. Will Brent reach 92 again? I'll try to answer that with 3 data points.
Momentum is up. RSI is at 57, above its SMA14. So price is picking up speed. There's still solid room before we can call it overbought.
Trend is up too. The trend-following line (MOST) says "up" and is supporting price from below at 84 dollars. As long as this support holds, the direction is clearly up.
Target is 92. Why? The midpoint of the 113-to-76 drop is 92 (Equilibrium). If this is a relief bounce, we can expect it to recover up to 50% of what it lost. That's 92.
But there's no need to rush.
The move is coming on low volume, so it's weak. Until price closes above 92, we can't call this a lasting reversal. If it does close above, the direction turns toward 113.
Short term the direction is up, but for the rise to last and for room to open toward 113, a close above 92 is essential.
Brent oil dropped from 113 to 76. It bounced off the 76 bottom on Trump's comments. Will Brent reach 92 again? I'll try to answer that with 3 data points.
Momentum is up. RSI is at 57, above its SMA14. So price is picking up speed. There's still solid room before we can call it overbought.
Trend is up too. The trend-following line (MOST) says "up" and is supporting price from below at 84 dollars. As long as this support holds, the direction is clearly up.
Target is 92. Why? The midpoint of the 113-to-76 drop is 92 (Equilibrium). If this is a relief bounce, we can expect it to recover up to 50% of what it lost. That's 92.
But there's no need to rush.
The move is coming on low volume, so it's weak. Until price closes above 92, we can't call this a lasting reversal. If it does close above, the direction turns toward 113.
Short term the direction is up, but for the rise to last and for room to open toward 113, a close above 92 is essential.
SPK lisanslı Midas ile ABD borsaları, BIST ve TEFAS fonlarına tek platformdan, masrafsız yatırıma başla!
app.getmidas.com/gmih/xuyw9hdp
app.getmidas.com/gmih/xuyw9hdp
Powiązane publikacje
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.
SPK lisanslı Midas ile ABD borsaları, BIST ve TEFAS fonlarına tek platformdan, masrafsız yatırıma başla!
app.getmidas.com/gmih/xuyw9hdp
app.getmidas.com/gmih/xuyw9hdp
Powiązane publikacje
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.