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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

DateSeptember 2, 2018 - 20:29
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 82.000, beginning of downtrend is expected.
  • We make sure when the support at 70.300 breaks.
  • If the resistance at 82.000 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.
  • The RSI downtrend #1 is broken, so the probability of beginning of downtrend is decreased.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 66.

Take Profits:

  1. 77.65
  2. 75.40
  3. 73.25
  4. 70.30
  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) Sat, 23 Mar 2024
Brent Crude Oil (BRENT) Sat, 16 Mar 2024
Brent Crude Oil (BRENT) Sat, 9 Mar 2024
Brent Crude Oil (BRENT) Sat, 2 Mar 2024
Brent Crude Oil (BRENT) Sat, 24 Feb 2024