Forex Trading: BCOUSD (Brent Crude Oil) Price Broke Out at $70, Targeting $79 Level
BCOUSD Price Analysis – May 19
The last weekly candle closed bullish; which implies that Brent
crude Oil may further increase in price and target supply level of $79 as long as the Bulls
increase their pressure.
BCO/USD Market
Key levels:
Supply levels: $79, $87, $98
Demand levels: $70, $64, $58, $49
BCOUSD Long-term trend: Bullish
Brent Crude Oil is bullish on the long-term outlook. The Bulls
were able to push the Brent Crude oil price above the $70 former demand level.
Immediately after the breakup, the Bulls lost its momentum to push up the Brent
Crude Oil price further. Likewise, the Bears have not got enough pressure to
push down the price; this led to consolidation at $70 levels in the Brent Crude
Oil Market. For more than four
weeks the price has been ranging on the $70 levels, last week was not exempted.
The Brent Crude Oil
price is trading above the two EMAs. The 21 periods EMA is crossing over the 50
periods EMA upside. The stochastic Oscillator period 14 is at 75 levels and the
signal lines bending down to indicate sell signal. The last weekly candle
closed bullish; which implies that Brent crude Oil may further increase in
price and target supply level of $79 as long as the Bulls increase their
pressure.
BCOUSD medium-term Trend: Bullish
On the daily chart,
Brent Crude Oil is on the bullish movement. On the daily chart, Brent Crude Oil
was ranging at $70 level last week. The price was supported by the dynamic
support level of 50 periods EMA. The price reversed with the aid of the Bulls’
pressure. The price is currently placed above the $70 level.
The BCOUSD price continues trading above the 21 periods EMA and
50 periods EMA. The Stochastic Oscillator period 14 is above 50 levels with the
signal lines pointing up to indicate buy signal in which the BCOUSD price may
reach $79 level.
Please note: insidebitcoins.com
is not a financial advisor. Do your own research before investing your funds in
any financial asset or presented product or event. We are not responsible for
your investing results.
How to buy Bitcoin with Paypal: https://insidebitcoins.com/buy-cryptocurrency/buy-bitcoin-paypal
Best brokers for 2019: https://insidebitcoins.com/forex-brokers
Share on Facebook Share on Twitter Share on Google+
Please Sign in or Sign Up to post comments