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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (84.13 to 85.80). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (84.13)
  • Ending of entry zone (85.80)

DateNovember 7, 2021 - 17:45
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 85.800, beginning of downtrend is expected.
  • We make sure when the support at 75.500 breaks.
  • If the resistance at 85.800 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI support #1 at 48 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 85.80 on 10/25/2021, so more losses to support(s) 79.83, 77.58 and minimum to Major Support (75.50) 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 50.

Take Profits:

  1. 79.83
  2. 77.58
  3. 75.50
  4. 72.90
  5. 70.74
  6. 67.00
  7. 64.51
  8. 60.30
  9. 57.35
  10. 54.85
  11. 51.50
  12. 48.95
  13. 46.50
  14. 40.00
  15. 36.95
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