Brent In A Support Zone, Will You Trade?
AvaTrade | Sep 16, 2014 05:11AM ET
Brent crude is trading below the downward trend line on a duly time frame. The Brent price is trading below the 50 day (shown in red) and 100 day (shown in yellow) moving averages which means that the bias is towards the downside. The price has also pierced the Bollinger Band, piercing of the Bollinger band does have significant importance when this takes place at an important level of support or resistance because it has a potential of reversing the current direction of the price or stall the price for a while before it continues again.
Important Zones
115-117 Resistance zone
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
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