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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

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Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (77.65 to 80.40). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (77.65)
    • Resistance on 05/10/2018
    • Support on 05/16/2018
    • Resistance on 05/30/2018
    • Resistance on 05/31/2018
    • Resistance on 06/01/2018
  • Ending of entry zone (80.40)
    • Resistance on 05/17/2018
    • Resistance on 05/22/2018

DateSun, 06/10/2018 - 20:11
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • Although current trend is uptrend, but we forecast a downtrend wave would begin in Midterm.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 50.

Take Profits:

  1. 75.40
  2. 73.25
  3. 71.30
  4. 68.85
  5. 66.65
  6. 62.35
  7. 58.15
Click on the level to view price action history.

Symbol Released Current Forecast
Brent Crude Oil (BRENT) new Sat, 18 May 2019
Brent Crude Oil (BRENT) free Sat, 11 May 2019
Brent Crude Oil (BRENT) Sat, 4 May 2019
Brent Crude Oil (BRENT) Sat, 27 Apr 2019
Brent Crude Oil (BRENT) Sat, 20 Apr 2019