Brent 4 Hour Price Update
Updated October 16, 2020 12:50 AM GMT (08:50 PM EST)
Brent came into the current 4 hour candle up 2.05% ($0.87) from the open of the previous 4 hours, marking the 2nd straight candle an increase has occurred. Relative to other instruments in the energy commodity asset class, Brent ranked 4th since the previous 4 hours in terms of percentage price change.
Brent Daily Price Recap
The back and forth price flow continues for Brent, which started today off at 43.16 US dollars, down 0.37% ($0.16) from the day prior. Relative to other instruments in the energy commodity asset class, Brent ranked 3rd since the day prior in terms of percentage price change. Here is a daily price chart of Brent.
Brent Technical Analysis
The first thing we should note is that Brent is now close to its 20, 50, 100 and 200 day averages, located at 41.97, 43.03, 42.59 and 41.92 respectively, and thus may be at a key juncture along those timeframes. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
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