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15 Mar 2013
Forex Flash: Technically speaking Brent Crude looks bullish ahead - Nomura
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at Brent Crude from a purely technical perspective.
Looking at a daily chart, he sees that spot is down on the week but he is retaining his bullish view. He adds that spot was also unable to break through the downside and further, RSI bounced off very low levels, suggesting that we have reached a local low already. He finishes by writing, “Bandwidth is falling, indicating that spot is likely to range. Hence, a retracement back higher within the range looks likely.”
Looking at a daily chart, he sees that spot is down on the week but he is retaining his bullish view. He adds that spot was also unable to break through the downside and further, RSI bounced off very low levels, suggesting that we have reached a local low already. He finishes by writing, “Bandwidth is falling, indicating that spot is likely to range. Hence, a retracement back higher within the range looks likely.”