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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 (80.150 to 77.500). 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 (80.150)
  • Ending of entry zone (77.500)

DateSeptember 16, 2023 - 08:11
Forecastcontinuation of uptrend

Midterm forecast:

  • 88.940 is a major support, while this level is not broken, the Midterm wave will be uptrend.

Technical analysis:

  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A trough is formed in daily chart at 81.635 on 08/24/2023, so more gains to resistance(s) 96.070, 98.908, 103.260 and more heights 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 78.

Take Profits:

  1. 86.774
  2. 88.940
  3. 92.468
  4. 96.070
  5. 98.908
  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) free Sat, 16 Sep 2023
Brent Crude Oil (BRENT) free Sat, 9 Sep 2023
Brent Crude Oil (BRENT) Sat, 9 Sep 2023
Brent Crude Oil (BRENT) free Sat, 2 Sep 2023
Brent Crude Oil (BRENT) Sat, 26 Aug 2023