💡Brent Crude Oil - Weekly technical analysis update

May 8, 2022

Midterm forecast:

While the price is above the support 95.108, resumption of uptrend is expected.
We make sure when the resistance at 131.000 breaks.
If the support at 95.108 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

While the RSI support #1 at 42 is not broken, the probability of price decrease would be too low.
While the RSI resistance #2 at 62 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 99.245 on 04/25/2022, so more gains to resistance(s) 119.964 and maximum to Major Resistance (131.000) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 59.


Supports and Resistances:

131.000
119.964
110.926
95.108
85.714
75.000
64.647
50.000
36.546

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