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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

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Trade Setup
Total Profit: 1224 pip
Closed trade(s): 0 pip Profit
Open trade(s): 1224 pip Profit

Trade Setup:
We opened 8 BUY trade(s) @ 57.42 based on 'Hammer' at 2019.10.03.

Open Profit:
Profit for one trade is 58.95(current price) - 57.42(open price) = 153 pip
8 trade(s) still open, therefore total profit for open trade(s) is 153 x 8 = 1224 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateOctober 19, 2019 - 17:46
Currentrange bound
Forecastbeginning of uptrend
Last weekBullish

Midterm forecast:

  • While the price is above the support 50.25, beginning of uptrend is expected.
  • We make sure when the resistance at 68.80 breaks.
  • If the support at 50.25 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 trough is formed in daily chart at 56.00 on 10/03/2019, so more gains to resistance(s) 60.50, 63.10, 66.05 and maximum to Major Resistance (68.80) 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 46.

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) new Sat, 11 Jul 2020
Brent Crude Oil (BRENT) Sat, 4 Jul 2020
Brent Crude Oil (BRENT) Sat, 27 Jun 2020
Brent Crude Oil (BRENT) Sat, 20 Jun 2020
Brent Crude Oil (BRENT) Sat, 13 Jun 2020