Technology

BCOUSD Price Is Targeting $70 Price Level

BCOUSD Price Analysis – July 14

The Brent Crude Oil price may reach $70 – $79 level should the Bulls increase their momentum and break up above $70 levels. In case the Bears defend $70 level, the price may consolidate at the level.

BCO/USD Market

Key levels:

Supply levels: $70, $79, $85
Demand levels: $64, $58, $49

 

BCOUSD Long-term trend: Bullish

Brent Crude Oil is bullish on the long-term outlook. The Bulls dominated the Brent Crude Oil market last week. The price rose above the $64 price level and moved towards the supply level of $70. The oil penetrated the dynamic support and resistance level but not yet above the level.

BCOUSD weekly chart, July 14

The Brent Crude Oil has penetrated the 21 periods EMA and 50 periods EMA upside but pulled back after a while. The Stochastic Oscillator period 14 is above 30 levels and the signal lines pointing up to indicate a buy signal. The Brent Crude Oil price may reach $70 – $79 level should the Bulls increase their momentum and break up above $70 levels. In case the Bears defend $70 level, the price may consolidate at the level.

BCOUSD medium-term Trend: Bullish

Brent Crude Oil is bullish on the daily chart. The BCOUSD price was below $64 level two weeks ago when a strong bearish candle formed that pulled back the price. The bullish momentum has resumed after the pullback; this scenario pushed the oil price to penetrate the confluence at $64 level and placed the price towards $70 levels.

BCOUSD Daily chart, July 14

The price is currently above the 50 periods EMA and the 21 periods EMA is making an attempt to cross the 50 periods upside. The Stochastic Oscillator period 14 is above 75 levels with the signal lines pointing up to indicates buy signal.

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