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BCOUSD Price Carried Out Price Retracement at $64 Level, Further Price Increase Envisaged

BCOUSD Price Analysis – June 30

In case the Bulls break up the two EMAs, the BCOUSD price may reach 70 levels. Should the dynamic resistance level resist the price, it may continue a sideways movement.

BCO/USD Market

Key levels:

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

 

BCOUSD Long-term trend: Bearish

Brent Crude Oil is bearish on the long-term outlook. The Bears would not let the price go but rather hold onto the price of the Brent Crude Oil. On June 23, the Bullish candle was produced and broke up, closed above the $64 level. Last week market initially looks bullish, but later the Bears overpowered the Bulls and the market closed with a bearish candle.

BCOUSD weekly chart, June 30

The BCOUSD touched the two EMAs but unable to break up the level and pulled back. The price remains to consolidate below the 21 periods EMA and 50 periods EMA, with the two EMAs, interlocked to each other as a sign of consolidation. The stochastic Oscillator period 14 is at 25 levels showing no specific direction, which indicates that consolidation, is ongoing in the BCOUSD market. In case the Bulls break up the two EMAs, the BCOUSD price may reach 70 levels. Should the dynamic resistance level resist the price, it may continue a sideways movement.

 

BCOUSD medium-term Trend: Bullish

Brent Crude Oil is bearish on the daily chart. The price is yet to break up the 50 periods EMA; it is still under the bearish control. Last week in the daily chart, the price ranged in-between the 21 periods EMA and 50 periods EMA.

BCOUSD daily chart, June 30

However, the Stochastic Oscillator period 14 is above $75 level with the signal lines pointing down to connotes sell signal.

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