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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

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Trade Setup
Total Profit: 3094 point
Closed trade(s): 308 point Profit
Open trade(s): 2786 point Profit

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

Closed Profit:
TP1 @ 60.50 touched at 2019.10.23 with 308 point Profit.

Open Profit:
Profit for one trade is 61.40(current price) - 57.42(open price) = 398 point
7 trade(s) still open, therefore total profit for open trade(s) is 398 x 7 = 2786 point

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.

DateNovember 2, 2019 - 16:55
Currentrange bound
Forecastbeginning of uptrend
Last weekBearish

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 59.12 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 59.05 on 10/31/2019, so more gains to resistance(s) 63.10, 66.05 and maximum to Major Resistance (68.80) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 56.

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, 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
Brent Crude Oil (BRENT) Sat, 6 Jun 2020