Brent Oil and Platinum: Short-Term Price Drop Ahead
Currently, the price of Brent oil remains below the resistance level of 91.00. At that point, it formed the shooting star at the end of the trading week. It looks like the price of this asset might undergo a correction and drop at the beginning of the next trading week. On the other hand, it could also rebound from the resistance area formed between levels 95 and 96. So, let’s observe what the next price movements of this asset might be.
The price of platinum is heading up. The asset has closely approached the upper boundary of the range, that is, the resistance level of 1031. The asset’s price should test this resistance, rebound inside the range, and temporarily drop to the supporting level of 890. Time will tell whether this scenario is going to work out.
The price of the Australian dollar is heading down. The asset might get the required support at the level of 0.6300, which is located next to the flat uptrend and the local broken downtrend. It might potentially rebound from the crossing point of these technical trendlines and rise again. It would be very important to follow the candlestick formations and potential formations of such reverse patterns as the double bottom.
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