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7 Nov 2019

Brent Technical Analysis: $61.60 is the level to defend for the bulls

  • Brent oil carved out a bearish outside day on Wednesday, warning an impending bearish reversal. 
  • Acceptance below Wednesday's low of $61.60 is needed to confirm a trend change. 

The path of least resistance for Brent oil would be on the downside if support at $61.60 is breached.

A break below that level would validate or confirm the price-negative view put forward by Wednesday's bearish outside day candlestick pattern, which occurs when the day begins on an optimistic note and ends with pessimism, engulfing the preceding day's high and low.

Hence, bulls need to defend $61.60 – the low of Wednesday's candle. A violation there would open the doors for $59.30 – support of the trendline connecting Oct. 3 and Oct. 31 lows.

Meanwhile, a break above Wednesday's high of $63.28 is needed to revive the bullish setup. At press time, a barrel of Brent is changing hands at $61.74 per barrel.

Daily chart

Trend: Bearish

Technical levels

 

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