BCOUSD Price Is Trending downwards and This may continue

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BCOUSD Price Analysis – June 16

The BCOUSD market closed with a bullish candle. This implies a further reduction in the Brent Crude Oil price. The Brent crude Oil price may drop below $58 level provided the bears increase their momentum.

BCO/USD Market

Key levels:

Supply levels: $64, $70, $79
Demand levels: $58, $49, $41

 

BCOUSD Long-term trend: Bearish

Brent Crude Oil is bearish on the long-term outlook. At the upper week, the Brent crude oil price closed with a bullish candle and the price was at $64 level which served as a pullback for the bearish trend in the Brent crude oil market. Last week, the Bears resumed its bearish movement and the price was pushed down towards the $58 level. The BCOUSD market closed with a bullish candle. This implies a further reduction in the Brent Crude Oil price.

 

BCOUSD weekly chart, June 16

The BCOUSD is trading below the 21 periods EMA and 50 periods EMA, the former crossing the later to indicate bearish movement. Meanwhile the Stochastic Oscillator period 14 is at 25 levels with the signal lines pointing down to indicates strong sell signal. The Brent crude Oil price may drop below $58 level provided the bears increase their momentum.

 

BCOUSD medium-term Trend: Bearish

Brent Crude Oil is bearish on the daily chart. The Bulls were unable to break up the $64 level, their momentum was lost and the Bears resumed its bearish movement, the price descended towards $58 level. On June 13, the Bulls opposed further decrease in price and observing another pullback scenario at the closing of the BCOUSD market last week.

BCOUSD daily chart, June 16

The price is trading below the 21 periods EMA and 50 periods EMA, the 21 EMA has crossed the 50 EMA as a bearish sign. Meanwhile, the Stochastic Oscillator period 14 is at 25 levels with the signal lines bending down to indicate sell signal.

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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.