The main trend is down according to the daily swing chart. However, momentum is trending higher.
A trade through $81.21 will change the main trend to up. A move through $70.56 will reaffirm the downtrend.
The minor trend is up. This is controlling the momentum. A trade through $76.94 will change the minor trend to down.
The main range is $89.89 to $70.56. Its retracement zone at $80.23 to $82.51 is resistance. It stopped the rally at $81.21 on Tuesday.
The minor range is $73.49 to $81.21. Its pivot at $77.35 is support. The short-term range is $70.56 to $81.21. If the minor trend changes to down then its pivot at $75.89 will become the key support level.
A trade through $81.21 will change the main trend to up. A move through $70.56 will reaffirm the downtrend.
The minor trend is up. This is controlling the momentum. A trade through $76.94 will change the minor trend to down.
The main range is $89.89 to $70.56. Its retracement zone at $80.23 to $82.51 is resistance. It stopped the rally at $81.21 on Tuesday.
The minor range is $73.49 to $81.21. Its pivot at $77.35 is support. The short-term range is $70.56 to $81.21. If the minor trend changes to down then its pivot at $75.89 will become the key support level.
Note
a survey of 30 economists and analysts forecast Brent would average $89.37 a barrel in 2023, about 4.6% lower than the consensus in a November survey. U.S. crude is projected to average $84.84 per barrel in 2023.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.