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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT
Trade Setup

#BRENT
Total Profit: -6971 point
Closed trade(s): 256 point Profit
Open trade(s): -7227 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 76.207(current price) - 84.238(open price) = -803 point
9 trade(s) still open, therefore total profit for open trade(s) is -803 x 9 = -7227 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.
DateJune 2, 2023 - 23:31
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 trough is formed in daily chart at 71.470 on 05/31/2023, so more gains to resistance(s) 77.500, 80.140, 82.470 and maximum to Major Resistance (86.774) 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 49.

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) new Sun, 14 Apr 2024
Brent Crude Oil (BRENT) new 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.