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BCOUSD Price Broke Out at $64, Aiming to Reach $70 Level

BCOUSD Price Analysis – June 23

In case the Bulls maintain or increase their momentum, the BCOUSD price may reach 70 levels. Should the dynamic resistance level opposed the price, it may start a sideways movement.

BCO/USD Market

Key levels:

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

 

BCOUSD Long-term trend: Bearish

On the long-term outlook, Brent Crude Oil is bearish. The Brent crude Oil remains under the bearish pressure although the pressure is getting weak gradually. Three weeks ago, the price was consolidating at 64 levels. Last week, the Bulls gained enough pressure that broke up the former supply level of $64 with a strong weekly candle which closed above the level. This implies that the Bulls may take over the market soon.

BCOUSD weekly chart, June 23

The BCOUSD is trading below the 21 periods EMA and 50 periods EMA, with the reduction in the distance between the price and the EMAs which connotes that the bearish momentum is getting weak. Meanwhile, the Stochastic Oscillator period 14 is at 25 levels with the signal lines trying to bend up to indicates buy signal. In case the Bulls maintain or increase their momentum, the BCOUSD price may reach 70 levels. Should the dynamic resistance level opposed the price, it may start a sideways movement.

 

BCOUSD medium-term Trend: Bullish

Brent Crude Oil is bullish on the daily chart. The price started sideways movement on June 03 and continues till June 19 below $64 price level. On June 20 a strong bullish candle emerged that broke up the $64 level and candle closed above it. Following the scenario was another bullish candle that pushed up the price towards the $70 levels.

BCOUSD daily chart, June 23

The Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing up which connotes buy signal.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.