What a recovery in the price of Brent Crude after all the madness we witnessed after the Pandemic last year! We are currently approaching the downtrend line (DT) that has been in place since the peak in 2008. This zone ($77-$80) as indicated by the red box has also been an area of horizontal resistance/support in prior years. We have the 61.8 fib retracement which connects at a similar level, so putting this all together suggests Brent crude is approaching an area where you are likely to find some resistance and short term correction in price.
How do you draw your price line, is it based on the combination of close and opening, or some type of moving average?
MarcoOlevano
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@dp, this chart was a line chart so based on closing prices
dp
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@MarcoOlevano,
Look at what I've got with lower trend line: the last touch falls below trend line -- you don't have one.
Could you please check it once again? I already had problems with data representation at TV.
MarcoOlevano
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You curve fitting, keep it at the highest points :)
MarcoOlevano
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For sure.. Look this would be a short term prediction but over the longer term it could well break through :)
GustavFourie96
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I agree with your technical analysis. We must however never underestimate the power of the OPEC cartel...