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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT
Trade Setup

#BRENT
Total Profit: -6098 point
Closed trade(s): 256 point Profit
Open trade(s): -6354 point Profit

Trade Setup:
We opened 10 BUY trades @ 84.238 based on 'Valley' entry method at 2023-03-01.

Closed Profit:
TP1 @ 86.804 touched at 2023-04-12 with 256 point Profit.

Open Profit:
Profit for one BUY trade is 77.18(current price) - 84.238(open price) = -706 point
9 trade(s) still open, therefore total profit for open trade(s) is -706 x 9 = -6354 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.
DateMay 26, 2023 - 22:56
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 70.000, beginning of uptrend is expected.
  • We make sure when the resistance at 86.774 breaks.
  • If the support at 70.000 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • While the RSI resistance #1 at 57 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 78.490 on 05/24/2023, so more losses to support(s) 75.302, 72.375 and minimum to Major Support (70.000) 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 50.

Take Profits:

  1. 86.774
  2. 88.940
  3. 91.660
  4. 96.070
  5. 98.931
  6. 103.260
  7. 115.785
  8. 123.265
  9. 131.000
Click on the level to view price action history.
Symbol Released Current Forecast
Brent Crude Oil (BRENT) Sun, 14 Apr 2024
Brent Crude Oil (BRENT) Sun, 14 Apr 2024
Brent Crude Oil (BRENT) Sat, 6 Apr 2024
Brent Crude Oil (BRENT) Sat, 30 Mar 2024
Brent Crude Oil (BRENT) Sat, 23 Mar 2024
History
Daily-Trading-Opportunities on BRENT.