Technical Analysis

Brent False Breakout, Sell-off Favored


Price made another false breakout above the 53.03 static resistance and now is trading in the red again. Is trading near the $52.30 per barrel and could drop towards the $50.30 per barrel because the price could be attracted by the confluence area formed at the intersection between the sliding line (SL) with the uptrend line (ascending dotted line). The perspective remains bullish as long as is trading within the minor ascending channel.

Author: MultiBank Exchange Group Website:
MultiBank Exchange Group
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.
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