BCOUSD Price Is Consolidating at $64 Level, Expecting a Breakout

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BCOUSD Price Analysis – July 07

Until the Bears gain more pressure and break down the $64 level consolidation may continue at $64 level. In case the Bulls break up the two EMAs, the Brent Crude Oil price may rise to 70 levels.

BCO/USD Market

Key levels:

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

 

BCOUSD Long-term trend: Ranging

Brent Crude Oil is ranging on the long-term outlook. There was no significant movement on the Brent Crude Oil market for more than two weeks after the breakup of $64 level by the Bulls. The price continues to consolidate at the $64 demand level. Last week market was closed with a doji candle at the consolidation phase.

BCOUSD weekly chart, July 07

The BCOUSD is still consolidating below the 21 periods EMA and 50 periods EMA and the two EMAs interlocked to each other which indicate that consolidation is ongoing in the Brent Crude Oil market. Nevertheless, the Stochastic Oscillator period 14 is above 25 levels and the signal lines pointing up to indicate a buy signal. Until the Bears gain more pressure and break down the $64 level, consolidation may continue at $64 level. In case the Bulls break up the two EMAs, the Brent Crude Oil price may rise to 70 levels.

BCOUSD medium-term Trend: Bearish

Brent Crude Oil is bearish on the daily chart. Last week, the BCOUSD price was trading in between the 21 period EMA and 50 periods EMA. On July 02, a strong bearish candle emerged as a sign of the Bears’ momentum which penetrated the $64 level downside and the price started consolidating at the level.

BCOUSD daily chart, July 07

The Stochastic Oscillator period 14 is at 50 levels with the signal lines showing no direction indicates that consolidation may continue for a short period.

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About AzeezMustaph

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.