Brent oil risks falling below the 50-day moving average. A break above Monday’s high of $71.53 is needed to revive the bullish outlook. Brent is currently trading on the defensive at $69.51 and looks set to test the 50-day moving average (MA), currently at $69.25, for the third time in four days. Prices had bounced up strongly from that average support on Monday. But buyers lost control on the very next day, allowing prices to fall back to the key support. A similar action has been seen over the last 24 hours. The repeated failure to produce a strong bounce from the widely tracked MA support could be considered a sign bearish sign – more so, as the 14-day relative strength index (RSI) has dipped below 50 and the Chaikin money flow index, which measures buying/selling pressure, has dropped sharply from the highs seen in late April. The black gold, therefore, could breach the 50-day MA support at $69.25 and test $68.52 (March high) in the next 24 hours or so. The outlook would turn bullish if the 50-day MA again holds ground, fueling a price rise above Monday’s high of $71.53. Daily chart Trend: Bearish Pivot points FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next BOJ’s Kuroda: Don’t think BOJ is nearing limit in expanding monetary base FX Street 3 years Brent oil risks falling below the 50-day moving average. A break above Monday's high of $71.53 is needed to revive the bullish outlook. Brent is currently trading on the defensive at $69.51 and looks set to test the 50-day moving average (MA), currently at $69.25, for the third time in four days. Prices had bounced up strongly from that average support on Monday. But buyers lost control on the very next day, allowing prices to fall back to the key support. A similar action has been seen over the last 24 hours. The repeated failure to produce… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
