Wednesday, February 3, 2021
Brent Crude Oil USD Technical Analysis 04-Feb-2021
Brent Crude Oil Technical analysis on the monthly time frame - the market direction is strong bullish with both MACD and Stochastic moving parallel in the same direction. However it is already close to the strong resistance level at 60.562 - there is a chance it could move further ups if the US Dollar weaken for the month of February.
On the weekly time frame the market direction also still strong bullish as both MACD and Stochastic moving up in parallel - confirming the monthly time frame direction therefore this week is strong bullish.
Daily time frame indicates there is a chance for corrections as MACD still hanging in the balance and have a contra-direction between MACD and stochastic.
At 4Hourly time frame the momentum is already at it's maximum - further up is possible but there is a potential risk of pull back. Therefore trade cautiously at this time frame.
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