(Last Updated September 18, 2020)
Welcome to the news page for Brent (CO1). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
A trend/countertrend situation exists on CO1, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to buy for those interested in playing the longer term trend.
CO1’s moving averages tell a multi-facted story about its trend. The 50 and 100 day averages suggest a bullish trend, as they are pointing upwards, while the 20 and 200 day averages are pointing downward, suggesting a bearish trend on those timeframes. Moreover, today we saw the 50 moving average turn bullish.
The chart below illustrates.
Currently, CO1’s price is up $3.47 (8.71%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 20 week timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 week moving average, resulting in them so that price is now turning above it. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows CO1’s price action over the past year.
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.
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 day prior.
For additional context, note that price has gone up 15 out of the past 30 days.
Relative to other instruments in the energy commodity asset class, brent ranked 4th since the previous day in terms of percentage price change.
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 day prior.
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.
Relative to other instruments in the energy commodity asset class, brent ranked 4th since the day prior in terms of percentage price change.
For another vantage point, consider that brent’s price has gone up 7 of the previous 14 trading days.
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.
Relative to other instruments in the energy commodity asset class, brent ranked 3rd since yesterday in terms of percentage price change.