Brent 4 Hour Price Update
Updated July 15, 2021 02:00 AM GMT (10:00 PM EST)
50.01 was the closing price of the four-hour candle for Brent, resulting in the current 4 hour candle being one in which price moved down 0.2% ($0.1) from the previous 4 hours. Relative to other instruments in the energy commodity asset class, Brent ranked 4th since the previous 4 hours in terms of percentage price change.
Brent Daily Price Recap
The back and forth price flow continues for Brent, which started today off at 74.76 US dollars, down 2.26% ($1.73) from yesterday. Out of the 6 instruments in the energy commodity asset class, Brent ended up ranking 5th for the day in terms of price change relative to yesterday. Below is a daily price chart of Brent.
Brent Technical Analysis
First things first: Brent crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 8 out of the past 14 days. Price action traders may wish to observe the bearish engulfing pattern that has emerged over the past two trading days; in light of the uptrend on the 90 and 30 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.