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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

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Trade Setup
#BRENT
Total Profit: 18 point
Closed trade(s): 0 point Profit
Open trade(s): 18 point Profit

Trade Setup:
We opened 6 SELL trade(s) @ 41.89 (day close price) based on 'Peak' at 2020.10.21.

Open Profit:
Profit for one trade is 41.89(open price) - 41.85(current price) = 3 point
6 trade(s) still open, therefore total profit for open trade(s) is 3 x 6 = 18 point

Trading suggestion:

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

DateOctober 24, 2020 - 18:57
Currentrange bound
Forecastresumption of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 46.50, resumption of downtrend is expected.
  • We make sure when the support at 38.90 breaks.
  • If the resistance at 46.50 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • The RSI bounced from the resistance #1 at 55 and it prevented price from more gains.
  • A peak is formed in daily chart at 43.65 on 10/15/2020, so more losses to support(s) 41.70, 40.00 and minimum to Major Support (38.90) 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 47.

Take Profits:

  1. 41.70
  2. 40.00
  3. 36.95
  4. 33.80
  5. 19.40
Click on the level to view price action history.

Symbol Released Current Forecast
Brent Crude Oil (BRENT) Sat, 21 Nov 2020
Brent Crude Oil (BRENT) Sat, 14 Nov 2020
Brent Crude Oil (BRENT) Sat, 7 Nov 2020
Brent Crude Oil (BRENT) free Sat, 31 Oct 2020
Brent Crude Oil (BRENT) free Sat, 24 Oct 2020