Brent (CO1) Down 8.94%, in a Downtrend Over Past 90 Days; Price Base in Formation Over Past 14 Days

Brent Daily Price Recap

25.57 was the closing price of the day for Brent, resulting in today being one in which price moved down 8.94% ($2.51) from the previous day. Out of the 6 instruments in the energy commodity asset class, Brent ended up ranking 4th for the day in terms of price change relative to the previous day. Below is a daily price chart of Brent.

Brent Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. 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. Or to view things another way, note that out of the past 14 days Brent’s price has gone up 7 them.