Brent Crude Oil - Downward trend seems to enter range
Updated
Brent Crude Oil seems to keep the downward trend for today, as long as the price do not break the downward trend short positions are favorable. I noted a price range between $52.00 and $51.40 price levels where the price was sidling before, therefore I would expect a moderate movement within that price range. If the downward trend breaks then we will have a double confirmation for the long positions up until the $52.70 resistance level.
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A the price broke above the downward trendline, long positions are suggested. It might happen that the $52.70 resistance level will stop the upward price movement.Comment
As it was proposed in the previous comments the $52.70 resistance line stopped the upward trend.Disclaimer
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