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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 (79.75 to 80.50). 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 (79.75)
    • Resistance on 05/17/2018
    • Resistance on 05/18/2018
    • Resistance on 05/21/2018
    • Resistance on 05/22/2018
    • Resistance on 05/23/2018
    • Resistance on 05/24/2018
    • Resistance on 06/29/2018
  • Ending of entry zone (80.50)
    • Resistance on 11/21/2014
    • Resistance on 11/24/2014
    • Resistance on 11/25/2014
    • Resistance on 05/17/2018
    • Resistance on 05/22/2018

DateMon, 08/06/2018 - 19:07
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 82.00, beginning of downtrend is expected.
  • We make sure when the support at 71.30 breaks.
  • If the resistance at 82.00 is broken, the short-term forecast -beginning of downtrend- will be invalid.

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.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 45.

Take Profits:

  1. 77.65
  2. 75.40
  3. 73.25
  4. 71.30
  5. 68.85
  6. 66.65
  7. 62.35
  8. 58.15
Click on the level to view price action history.

Symbol Released Current Forecast
Brent Crude Oil (BRENT) Mon, 10 Dec 2018
Brent Crude Oil (BRENT) Sun, 2 Dec 2018
Brent Crude Oil (BRENT) free Sat, 24 Nov 2018
Brent Crude Oil (BRENT) free Tue, 20 Nov 2018
Brent Crude Oil (BRENT) free Mon, 12 Nov 2018