Brent Daily Price Recap
The choppiness in the recent daily price action of Brent continues; to start today, it came in at a price of 31.74 US dollars, up 0.83% ($0.26) since yesterday. Out of the 6 instruments in the energy commodity asset class, Brent ended up ranking 3rd for the day in terms of price change relative to yesterday. Let’s take a look at the 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. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. This may setup an interesting opportunity for traders looking to sell rallies in anticipation of the primary trend resuming. For additional context, note that price has gone up 5 out of the past 10 days.