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Brent Has Gained Value as Trump is Getting Closer to Win

November 4, 2020
in ANALYSIS, CFDS, Technical Analysis
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Brent Crude Oil Has Gained Value as Trump is Getting Closer to Win
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Brent Futures, 50 and 200 Day Averages

Brent oil reversed from the bottom of bearish trend channel, it is currently testing 200 day moving average. Price is close to three resistance levels (40.29-41.78-42.31) and 39.50 support. This outlook and close looking election result might cause undecided price movements this week.

Above 200 day moving average, 42.31 can be an important resistance. If price break above this level, 46.53 can become next target.

For downside moves, below 39.50, 36.30 (horizontal level) and 35.63 (lower band of bearish trend channel.) can be followed as next supports.

Tags: Brentbrent crude oilBrent oilCFDs
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