The price of Brent Crude Oil has fallen and tested the previous support level (Blue Line) outlined in the previous newsletter. Currently, we could see a potential swing back upwards. If the price breaks the support level, we could see a fall in price. However, I see the former as the more likely scenario, as the 0.5 Fibonacci level (Green Line) is also below the trendline - providing further support.
This support is further backed by the Stochastic RSI and MACD indicator coming to show potential buy signals.
To see why I chose these support and Resistance Levels see my linked idea below.
This support is further backed by the Stochastic RSI and MACD indicator coming to show potential buy signals.
To see why I chose these support and Resistance Levels see my linked idea below.
