Brent Daily Price Recap
29.6 was the closing price of the day for Brent, resulting in today being one in which price moved down 6.74% ($2.14) from the day prior. Relative to other instruments in the energy commodity asset class, Brent ranked 5th since the day prior in terms of percentage price change. Below is a daily price chart of Brent.
Brent Technical Analysis
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 90 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. This may setup an interesting opportunity for traders looking to sell rallies in anticipation of the primary trend resuming. For another vantage point, consider that Brent’s price has gone down 20 of the previous 30 trading days.