Brent Oil Technical Analysis –
In this blog, we will study Brent oil technical analysis. We will use top down approach for that which means from monthly chart study to weekly to daily chart study time frames which is best method in technical analysis.
Monthly Chart –
Monthly chart of brent oil shows breakout of falling wedge and also broke the resistance level of 109.85-115.85 but didn’t sustain above the level and now trading below the resistance level.
Weekly Chart –
Weekly chart shows that after breaking falling wedge pattern, price formed rising rectangle pattern and broke than pattern also and now price ranging at resistance level of 109.85-115.85.
Daily Chart –
Daily chart shows that the price is forming symmetrical triangle or descending triangle also the price has daily support of 92.49-96.60.