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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

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Trading suggestion:

Price is in the Trend Hunter Sell Zone (74.75 to 77.50).

We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (74.75)
    • Resistance on 04/25/2019
    • Resistance on 06/23/2021
    • Resistance on 06/29/2021
    • Resistance on 06/30/2021
    • Resistance on 07/07/2021
    • Support on 07/13/2021
  • Ending of entry zone (77.50)
    • Peak on 07/06/2021
    • Resistance on 07/06/2021

DateJuly 31, 2021 - 16:09
Currentrange bound
Forecastbeginning of downtrend
Last weekBullish

Midterm forecast:

  • While the price is below the resistance 77.50, beginning of downtrend is expected.
  • We make sure when the support at 67.00 breaks.
  • If the resistance at 77.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The Rising Wedge taking shape and as a bearish pattern suggests we will soon see another leg lower if price breaks and closes below uptrend.
  • A trough is formed in daily chart at 67.00 on 07/20/2021, so more gains maximum to Major Resistance (77.50) 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 57.

Take Profits:

  1. 71.05
  2. 67.00
  3. 63.95
  4. 60.30
  5. 54.85
  6. 46.50
  7. 36.95
Click on the level to view price action history.

Symbol Released Current Forecast
Brent Crude Oil (BRENT) Sat, 11 Sep 2021
Brent Crude Oil (BRENT) Sun, 5 Sep 2021
Brent Crude Oil (BRENT) Sat, 28 Aug 2021
Brent Crude Oil (BRENT) Sat, 21 Aug 2021
Brent Crude Oil (BRENT) free Sat, 14 Aug 2021