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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 Buy Zone (85.500 to 82.470). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (85.500)
  • Ending of entry zone (82.470)

DateNovember 12, 2022 - 06:45
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 82.470, beginning of uptrend is expected.
  • We make sure when the resistance at 106.570 breaks.
  • If the support at 82.470 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • While the RSI support #1 at 47 is not broken, the probability of price decrease would be too low.
  • A trough is formed in daily chart at 90.985 on 11/10/2022, so more gains to resistance(s) 97.618, 103.260 and maximum to Major Resistance (106.570) 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. 87.907
  2. 92.445
  3. 97.618
  4. 103.260
  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) 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