Use of Support and Resistance in trading is most important and widely used in technical analysis. Price Action trading is based on the price movement of securities such as stocks, commodities, Forex which uses support and resistance levels for analyzing future price of securities.
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In this blog we will study Brent Oil Technical Analysis. Brent Oil has given breakout from monthly chart falling wedge. Weekly chart is showing that price is moving near to resistance level.
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Piercing Pattern is similar pattern like a bullish engulfing pattern with little difference. The difference in piercing pattern is that the second green candle doesn’t engulf the previous red candle completely, it engulfs more than 50% of the previous red candle but not more than 100%.
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