Brent Crude Oil Testing the Bounds
CMT Association, Inc.
Advancing the discipline of technical analysis for nearly 50 years
1/ 11 Tests of 200-Week MA by Brent Crude
While major momentum and directional moves are expected from Brent Crude by analyzing crossovers of 10- and 40-period Moving Averages, the attempt to look at a larger picture reveals important technical events over the past 12 months. After testing the high of $ 125.18 in June 2022, a corrective decline followed. Subsequently, Brent tested and found support at the 200-week MA for the first time in March 2023. From that time until today over 12 months, Brent has tested 200-week MA over 11 times and has bounced back from there. The 200-week MA presently rests at $76.87.
2/ 10/40 WMA Crossovers
Even a casual glance highlights the importance of 10- and 40-week moving average crossovers. Each time when the 10-week MA has crossed above or under the 40-week MA, it has led to a significant directional move in the Brent prices.
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