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24 Feb 2015
Brent upside capped around $64.87 – RBS
FXStreet (Edinburgh) - Dmytro Bondar, Technical Analyst at RBS, argued the gains in Brent crude could be limited around the $64.87 level.
Key Quotes
“As per the previous comments, we entered a short trade from 60.13 resistance, as the monthly chart indicated a near term consolidation within the 42 – 64 region amid outside month candlestick pattern and oversold stochastics but daily charts showed this rebound to be limited by the 62/64 area and the 5-month moving average (providing a trailing resistance)”.
“The daily chart suggests that this bullish correction may be near end due to $64,87 resistance and overbought 10/3/3 daily slow stochastics”.
“I believe it will return to the area of 45/42 support”.
Key Quotes
“As per the previous comments, we entered a short trade from 60.13 resistance, as the monthly chart indicated a near term consolidation within the 42 – 64 region amid outside month candlestick pattern and oversold stochastics but daily charts showed this rebound to be limited by the 62/64 area and the 5-month moving average (providing a trailing resistance)”.
“The daily chart suggests that this bullish correction may be near end due to $64,87 resistance and overbought 10/3/3 daily slow stochastics”.
“I believe it will return to the area of 45/42 support”.