UKBrent: technical analysis
UKBrent, D1
On the daily chart, the instrument failed to overcome a strong resistance level at 48.55. Bollinger Bands is about to turn down while its price range remains unchanged. MACD histogram is in the positive zone and its volumes are falling. Stochastic turned down near the border of the overbought zone.
UKBrent, H4
On the 4-hour chart, the instrument is trading in the lower Bollinger band while bands are horizontal. MACD histogram is about to cross over the zero line from above. Stochastic is growing and approaching the border of the overbought zone.
Key levels
Support levels: 47.73, 47.61, 47.51, 47.32, 47.11, 46.97, 46.81 (local low).
Resistance levels: 48.14, 48.43 (middle MA of Bollinger Bands), 48.68, 48.98, 49.18, 49.41.
Trading tips
Short positions can be opened from current prices with the target at 47.30 and stop-loss at 48.45. Validity – 1-2 days.
Long positions can be opened from the level of 48.45 with the target at 48.90 and stop-loss at 48.25. Validity – 1-2 days.