Brent Daily Price Recap
Brent closed the previous day down 6.45% ($1.91); this denotes the 2nd day in a row a decrease has occurred. Relative to other instruments in the energy commodity asset class, Brent ranked 5th since the previous day in terms of percentage price change. Let’s take a look at the 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 down. For additional context, note that price has gone up 5 out of the past 10 days.