Brent 4 Hour Price Update
Updated January 05, 2021 01:52 AM GMT (09:52 PM EST)
The choppiness in the recent four-hour candle price action of Brent continues; to start the current 4 hour candle, it came in at a price of 50.01 US dollars, down 0.2% ($0.1) since 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 end of a 3 day positive run has come for Brent, which finished the day prior down 1.37% ($0.71). Relative to other instruments in the energy commodity asset class, Brent ranked 3rd since the day prior in terms of percentage price change. Here is a daily price chart of Brent.
Brent Technical Analysis
The first thing we should note is that Brent is now close to its 20 day moving averages, which may act as price barrier for the asset. Volatility for Brent has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 6 out of the past 10 days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.