Brent bounced up sharply from key support levels on Monday. The 4-hour chart is now reporting falling wedge breakout. Having bounced up sharply from the confluence of key moving average lines on Monday, Brent Oil is now looking north toward $72.00. The US-China trade-led risk-off had pushed the black gold down by more than 2% in the Asian session on Monday. The sellers, however, ran out of steam near $69.11 – a level where the 50-day and 200-day moving averages were located, allowing a bounce to $71.78. In the process, Brent confirmed a falling wedge breakout on the 4-hour chart – a confirmation the pullback from the recent highs above $75.50 has ended. Further, the 4-hour chart is now reporting a double bottom breakout and is biased bullish above 50.00. As a result, prices look set to test the 4-hour chart 100-MA, currently located at $72.00. Further gains, however, may not be seen as the downward sloping 10-day MA is located at $71.92. 4-hour chart Trend: Bullish 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 Crypto market overview: Ethereum goes to the moon, the rest follow the lead FX Street 3 years Brent bounced up sharply from key support levels on Monday. The 4-hour chart is now reporting falling wedge breakout. Having bounced up sharply from the confluence of key moving average lines on Monday, Brent Oil is now looking north toward $72.00. The US-China trade-led risk-off had pushed the black gold down by more than 2% in the Asian session on Monday. The sellers, however, ran out of steam near $69.11 - a level where the 50-day and 200-day moving averages were located, allowing a bounce to $71.78. In the process, Brent confirmed a falling wedge breakout on the… 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.
