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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

Download MT4 template file

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (58.45 to 55.75). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (58.45)
    • Resistance on 01/03/2017
    • Resistance on 10/25/2017
    • Support on 10/27/2017
    • Support on 11/23/2018
    • Support on 11/29/2018
    • Support on 11/30/2018
    • Support on 12/06/2018
    • Support on 12/17/2018
    • Resistance on 01/04/2019
    • Resistance on 01/07/2019
    • Support on 08/06/2019
    • Support on 08/14/2019
    • Support on 08/19/2019
    • Support on 08/20/2019
    • Support on 08/23/2019
    • Support on 08/30/2019
    • Support on 09/12/2019
  • Ending of entry zone (55.75)
    • Support on 12/31/2014
    • Support on 01/02/2015
    • Support on 03/24/2015
    • Support on 03/30/2015
    • Support on 03/31/2015
    • Support on 04/01/2015
    • Support on 04/02/2015
    • Support on 07/07/2015
    • Resistance on 07/24/2015
    • Resistance on 12/05/2016
    • Resistance on 12/14/2016
    • Resistance on 12/22/2016
    • Resistance on 12/23/2016
    • Support on 12/27/2016
    • Support on 01/04/2017
    • Resistance on 01/10/2017
    • Resistance on 01/11/2017
    • Resistance on 01/25/2017
    • Resistance on 01/30/2017
    • Resistance on 01/31/2017
    • Support on 02/06/2017
    • Resistance on 02/08/2017
    • Support on 02/10/2017
    • Support on 02/13/2017
    • Support on 02/14/2017
    • Support on 02/15/2017
    • Support on 02/16/2017
    • Support on 02/17/2017
    • Support on 02/22/2017
    • Support on 02/28/2017
    • Support on 03/06/2017
    • Resistance on 03/08/2017
    • Resistance on 04/07/2017
    • Resistance on 09/14/2017
    • Resistance on 09/15/2017
    • Resistance on 09/18/2017
    • Resistance on 09/19/2017
    • Support on 09/21/2017
    • Support on 10/02/2017
    • Support on 10/12/2017
    • Support on 12/18/2018
    • Resistance on 12/21/2018
    • Resistance on 12/26/2018
    • Resistance on 01/02/2019
    • Resistance on 01/03/2019
    • Support on 08/07/2019
DateSeptember 29, 2019 - 15:11
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 55.750, beginning of uptrend is expected.
  • We make sure when the resistance at 68.800 breaks.
  • If the support at 55.750 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 59.1 on 2019-06-05 and the trough at 55.75 on 2019-08-07, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • A peak is formed in daily chart at 68.80 on 09/16/2019, so more losses to support(s) 60.50, 58.45 and minimum to Major Support (55.75) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 48.

Take Profits:

  1. 60.50
  2. 63.10
  3. 66.05
  4. 68.80
  5. 71.30
  6. 74.75
  7. 79.35
Click on the level to view price action history.
Symbol Released Current Forecast
Brent Crude Oil (BRENT) Sun, 14 Apr 2024
Brent Crude Oil (BRENT) Sun, 14 Apr 2024
Brent Crude Oil (BRENT) Sat, 6 Apr 2024
Brent Crude Oil (BRENT) Sat, 30 Mar 2024
Brent Crude Oil (BRENT) Sat, 23 Mar 2024
History
Daily-Trading-Opportunities on BRENT.