Brent (CO1) Down $0.57 in Last 4 Hours, Price Base in Formation Over Past 90 Days; is Inching Close to 20 Day Average

Brent 4 Hour Price Update

Updated July 01, 2020 11:07 PM GMT (07:07 PM EST)

Brent entered the current 4 hour candle at $41.14, down 1.37% ($0.57) from the last 4 hour candle. Those trading within the energy commodity asset class should know that Brent was the worst performer in the class the current 4 hour candle.

Brent Daily Price Recap

41.14 was the closing price of the day for Brent, resulting in today being one in which price moved down 1.37% ($0.57) from yesterday. On a relative basis, Brent was the worst performer out of all 6 of the assets in the energy commodity asset class today. The daily price chart of Brent below illustrates.

Brent Technical Analysis

Notably, the current price of Brent is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Price action traders in particular will want to note that the 90 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 21 out of the past 30 days.