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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

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Trade Setup
#BRENT
Total Profit: 4765 point
Closed trade(s): 4765 point Profit
Open trade(s): 0 point Profit

Trade Setup:
We opened 8 BUY trade(s) @ 57.35 (day close price) based on 'Hammer' at 2019.10.03.

Closed Profit:
TP1 @ 60.50 touched at 2019.10.23 with 315 point Profit.
TP2 @ 63.10 touched at 2019.11.21 with 575 point Profit.
TP3 @ 66.05 touched at 2019.12.24 with 870 point Profit.
TP4 @ 68.80 touched at 2020.01.03 with 1145 point Profit.
315 + 575 + 870 + 1145 = 2905 point

Closed Profit:
Profit for one trade is 62.00(current price) - 57.35(open price) = 465 point
4 trade(s) closed at market price as the major support is broken, therefore total profit will increase by 465 x 4 = 1860 point

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (57.05 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 (57.05)
    • Resistance on 02/06/2017
    • Resistance on 02/10/2017
    • Resistance on 02/13/2017
    • Resistance on 02/21/2017
    • Resistance on 02/22/2017
    • Resistance on 02/23/2017
    • Resistance on 02/27/2017
    • Resistance on 03/01/2017
    • Support on 09/28/2017
    • Resistance on 10/05/2017
    • Resistance on 10/06/2017
    • Resistance on 10/11/2017
    • Resistance on 10/13/2017
    • Support on 10/24/2017
    • Resistance on 12/20/2018
    • Support on 08/07/2019
    • Support on 08/08/2019
    • Support on 08/09/2019
    • Support on 09/03/2019
    • Support on 10/02/2019
    • Support on 10/03/2019
    • Support on 10/08/2019
  • Ending of entry zone (55.75)
    • Support on 12/31/2014
    • Support on 01/02/2015
    • Support on 01/04/2015
    • Support on 02/11/2015
    • Support on 02/12/2015
    • Support on 03/11/2015
    • Support on 03/13/2015
    • Resistance on 03/15/2015
    • Resistance on 03/20/2015
    • Resistance on 03/23/2015
    • Resistance on 03/24/2015
    • Support on 03/27/2015
    • Support on 03/29/2015
    • Support on 03/30/2015
    • Support on 04/08/2015
    • Support on 04/09/2015
    • Support on 07/07/2015
    • Support on 07/08/2015
    • Support on 07/22/2015
    • Resistance on 07/24/2015
    • Resistance on 12/05/2016
    • Support on 12/12/2016
    • Resistance on 12/14/2016
    • Resistance on 12/22/2016
    • Resistance on 12/23/2016
    • Support on 12/27/2016
    • Support on 01/03/2017
    • Support on 01/04/2017
    • Resistance on 01/10/2017
    • Resistance on 01/11/2017
    • Resistance on 01/24/2017
    • 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 02/14/2017
    • Support on 02/15/2017
    • Support on 02/16/2017
    • Support on 02/17/2017
    • Support on 02/20/2017
    • 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
    • Support on 04/12/2017
    • Support on 04/13/2017
    • Support on 04/17/2017
    • Resistance on 04/18/2017
    • Resistance on 09/14/2017
    • Resistance on 09/15/2017
    • Resistance on 09/18/2017
    • Resistance on 09/19/2017
    • 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
    • Support on 10/03/2019

DateJanuary 25, 2020 - 20:24
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 63.100 would begin in Midterm.

Technical analysis:

  • A peak is formed in daily chart at 70.70 on 01/08/2020, so more losses minimum to Trend Hunter Buy Zone (57.05 to 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 27.

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