BRENT Weekly Forex Forecast 3rd November to 9th November by yshashmi37 on

Midterm forecast:

While the price is below the resistance 88.45, beginning of downtrend is expected.
We make sure when the support at 70.30 breaks.
If the resistance at 88.45 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:

The RSI support #1 at 37 is broken, so the probability of beginning of downtrend is increased.
While the RSI resistance #2 at 58 is not broken, the probability of price increase would be too low.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 29.

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