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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 Sell Zone (45.45 to 46.30). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

While the price is above the level 41.7, the probability of beginning of downtrend is too weak, so we would enter the market with sell trades based on Daily-Trading-Opportunities and a day close price below 41.7 and expect to reach short-term targets.

  • Beginning of entry zone (45.45)
    • Resistance on 08/23/2015
    • Resistance on 08/24/2015
    • Resistance on 11/23/2015
    • Support on 11/26/2015
    • Resistance on 04/20/2016
    • Resistance on 04/21/2016
    • Resistance on 04/22/2016
    • Resistance on 04/25/2016
    • Support on 04/27/2016
    • Support on 05/11/2016
    • Support on 07/22/2016
    • Resistance on 07/27/2016
    • Resistance on 08/08/2016
    • Resistance on 08/09/2016
    • Resistance on 08/10/2016
    • Support on 09/01/2016
    • Support on 09/02/2016
    • Support on 09/20/2016
    • Support on 11/04/2016
    • Support on 11/09/2016
    • Support on 06/26/2017
    • Support on 03/06/2020
    • Resistance on 08/05/2020
    • Resistance on 08/06/2020
    • Resistance on 08/07/2020
    • Resistance on 08/10/2020
    • Resistance on 08/11/2020
  • Ending of entry zone (46.30)
    • Support on 08/28/2015
    • Support on 11/11/2015
    • Resistance on 11/24/2015
    • Resistance on 04/26/2016
    • Resistance on 05/03/2016
    • Resistance on 05/05/2016
    • Resistance on 05/06/2016
    • Support on 07/07/2016
    • Support on 07/08/2016
    • Support on 07/11/2016
    • Support on 07/12/2016
    • Support on 07/13/2016
    • Support on 07/20/2016
    • Support on 07/21/2016
    • Resistance on 07/25/2016
    • Resistance on 08/11/2016
    • Support on 08/12/2016
    • Support on 09/05/2016
    • Support on 09/06/2016
    • Support on 09/15/2016
    • Support on 09/23/2016
    • Support on 09/26/2016
    • Support on 09/27/2016
    • Support on 09/28/2016
    • Support on 11/03/2016
    • Support on 11/08/2016
    • Support on 11/09/2016
    • Resistance on 06/21/2017
    • Resistance on 06/26/2017
    • Support on 07/07/2017
    • Support on 07/10/2017
    • Support on 07/11/2017
    • Peak on 08/04/2020
    • Resistance on 08/05/2020
DateAugust 22, 2020 - 14:30
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 46.300, beginning of downtrend is expected.
  • We make sure when the support at 36.950 breaks.
  • If the resistance at 46.300 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08 and the peak at 46.32 on 2020-08-05, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI support #1 at 55 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 46.30 on 08/04/2020, so more losses to support(s) 41.70, 40.00 and minimum to Major Support (36.95) 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 54.

Take Profits:

  1. 40.00
  2. 36.95
  3. 33.80
  4. 29.85
  5. 25.80
  6. 19.40
Click on the level to view price action history.
Symbol Released Current Forecast
Brent Crude Oil (BRENT) new Sun, 21 Apr 2024
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
History
Daily-Trading-Opportunities on BRENT.