Brent (CO1) Up $0.85 Over Past 4 Hours, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 14 Days

Brent 4 Hour Price Update

Updated August 04, 2020 07:07 AM GMT (03:07 AM EST)

Brent came into the current 4 hour candle up 1.96% ($0.85) from the open of the previous 4 hours, marking the 2nd candle in a row an increase has occurred. Out of the 6 instruments in the energy commodity asset class, Brent ended up ranking 3rd for the four-hour candle in terms of price change relative to the previous 4 hours.

Brent Daily Price Recap

Brent closed the previous day up 1.96% ($0.85); this denotes the 2nd day in a row an upward move has occurred. Relative to other instruments in the energy commodity asset class, Brent ranked 3rd since the previous day in terms of percentage price change. The daily price chart of Brent below illustrates.

CO1

Brent Technical Analysis

Notably, Brent crossed above its 20 day moving average yesterday. 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For another vantage point, consider that Brent’s price has gone up 16 of the previous 30 trading days.