BCOUSD Price Reversed and Started Consolidating at $64 Price Level

BCOUSD Price Analysis – July 28

Increase in the Bears’ momentum will decrease the BCOUSD price further and this may reach the demand level of $58.

BCO/USD Market

Key levels:

Supply levels: $70, $79, $85
Demand levels: $64, $58, $49

BCOUSD Long-term Trend: Ranging

Brent Crude Oil continues ranging on the long-term outlook. The Brent crude oil price remains to consolidate at $64 price levels. The Bulls and the Bears have not got enough momentum to push up the Oil price and to push down the oil price respectively. Last week movement was insignificant.

Brent Crude Oil market closed with the price below the $64 level. The price is trading below the 21 periods EMA and 50 periods EMA and the two EMAs are interlocked to each other which connote equilibrium momentum in the BCOUSD market. The Stochastic Oscillator period 14 is at 25 levels with the signal lines bending down to connotes sell signal. Increase in the Bears’ momentum will decrease the BCOUSD price further and this may reach the demand level of $58.

BCOUSD medium-term Trend: Ranging

Brent Crude Oil is ranging on the daily chart. The sideways movement commenced on June 13 in the daily chart in the BCOUSD market. The Bulls interrupted the bearish movement as it was declining towards the demand level of $64. The price reversed and moved upward and retested the $64 price level after which it started consolidating.
The price is trading around and over the 21 periods EMA and the 50 periods EMA and the two EMAs flat horizontally at $64 levels which indicate that consolidation is ongoing in the BCOUSD market.

The Stochastic Oscillator period 14 is at 25 levels with the signal lines pointing down to indicates sell signal.

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