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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT
Trade Setup

#BRENT
Total Profit: -4784 point
Closed trade(s): 0 point Profit
Open trade(s): -4784 point Profit

Trade Setup:
We opened 8 BUY trades @ 91.596 based on 'Valley' entry method at 2022-09-09.

Open Profit:
Profit for one BUY trade is 85.62(current price) - 91.596(open price) = -598 point
8 trade(s) still open, therefore total profit for open trade(s) is -598 x 8 = -4784 point

Trading suggestion:

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

DateSeptember 23, 2022 - 22:13
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 84.167, beginning of uptrend is expected.
  • We make sure when the resistance at 103.260 breaks.
  • If the support at 84.167 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 97.037260869565 on 2022-07-06 and the trough at 84.434981096408 on 2022-09-23, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 95.085 on 09/14/2022, so more losses to support(s) 85.500 and minimum to Major Support (84.167) 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 36.

Take Profits:

  1. 96.492
  2. 99.506
  3. 103.260
  4. 108.538
  5. 113.761
  6. 123.265
  7. 131.000
Click on the level to view price action history.

Symbol Released Current Forecast
Brent Crude Oil (BRENT) new Sat, 26 Nov 2022
Brent Crude Oil (BRENT) Sat, 19 Nov 2022
Brent Crude Oil (BRENT) Sat, 12 Nov 2022
Brent Crude Oil (BRENT) Fri, 4 Nov 2022
Brent Crude Oil (BRENT) Sun, 30 Oct 2022