Brent crude oil is on a 9 day downtrend Today is looking a bit better: Brent crude oil trades at $85.48 per barrel, after ending yesterday at $85.41.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Brent crude oil's upper Bollinger Band® is at $100.71 and the lower is $84.94.
Overall, technical indicators suggest Brent crude has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Heating Oil gained 1.04% and is now trading at $3.39. Crude Oil moves 0.47% to trade around $78.31.
8 months ago Brent crude reached a significant high of $129.12 but has consequently lost 33.85% since then.