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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

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Trade Setup

#BRENT
Total Profit: 616 point
Closed trade(s): 0 point Profit
Open trade(s): 616 point Profit

Trade Setup:
We opened 8 SELL trade(s) @ 77.78 based on 'Shooting Star' entry method at 2018.09.04.

Open Profit:
Profit for one trade is 77.78(open price) - 77.01(current price) = 77 point
8 trade(s) still open, therefore total profit for open trade(s) is 77 x 8 = 616 point

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateSun, 09/09/2018 - 21:08
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 70.30 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.
  • 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 59.

Take Profits:

  1. 75.40
  2. 73.25
  3. 70.30
  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) free Mon, 12 Nov 2018
Brent Crude Oil (BRENT) free Sat, 3 Nov 2018
Brent Crude Oil (BRENT) free Thu, 1 Nov 2018
Brent Crude Oil (BRENT) Sun, 16 Sep 2018
Brent Crude Oil (BRENT) Sun, 9 Sep 2018