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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

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Trade Setup
#BRENT
Total Profit: 2640 point
Closed trade(s): 876 point Profit
Open trade(s): 1764 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.
TP2 @ 63.10 touched at 2019.11.21 with 568 point Profit.
308 + 568 = 876 point

Open Profit:
Profit for one trade is 60.36(current price) - 57.42(open price) = 294 point
6 trade(s) still open, therefore total profit for open trade(s) is 294 x 6 = 1764 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 30, 2019 - 16:57
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 50.250, beginning of uptrend is expected.
  • We make sure when the resistance at 68.800 breaks.
  • If the support at 50.250 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 peak is formed in daily chart at 63.45 on 11/27/2019, so more losses to support(s) 58.45, 55.75 and minimum to Major Support (50.25) 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 44.

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) Sat, 23 Mar 2024
Brent Crude Oil (BRENT) Sat, 16 Mar 2024
Brent Crude Oil (BRENT) Sat, 9 Mar 2024
Brent Crude Oil (BRENT) Sat, 2 Mar 2024
Brent Crude Oil (BRENT) Sat, 24 Feb 2024