Brent Technical Analysis: Up 0.5%, focus on today’s close

• Tuesday’s Doji indicates the brent oil market has turned indecisive.  
• A close below Tuesday’s low would be bearish.  

Brent oil is currently trading at $61.28 per barrel, representing a 0.5% gain on the day.

The black gold charted a Doji candle on Tuesday, signaling indecision in the market place.

The indecisive price action has neutralized the bearish view put forward by Friday’s downside break of the trendline connecting the Oct. 3 and Nov. 1 lows.

A bullish reversal would be confirmed if prices close Wednesday above Doji’s high of $61.56.

On the flip side, a close below Doji’s low of $60.32 would validate the downside break of the ascending trendline and will likely yield a sell-off to $58.63 (Oct. 31 low).

Daily chart

Trend: Neutral

Technical levels