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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

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Trade Setup

#BRENT
Total Profit: 3835 point
Closed trade(s): 691 point Profit
Open trade(s): 3144 point Profit

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

Closed Profit:
TP1 @ 75.40 touched at 2018.10.24 with 238 point Profit.
TP2 @ 73.25 touched at 2018.11.01 with 453 point Profit.
238 + 453 = 691 point

Open Profit:
Profit for one trade is 77.78(open price) - 72.54(current price) = 524 point
6 trade(s) still open, therefore total profit for open trade(s) is 524 x 6 = 3144 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.

DateSat, 11/03/2018 - 16:50
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 88.45, beginning of downtrend is expected.
  • We make sure when the support at 70.30 breaks.
  • If the resistance at 88.45 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI support #1 at 37 is broken, so the probability of beginning of downtrend is increased.
  • While the RSI resistance #2 at 58 is not broken, the probability of price increase would be too low.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 29.

Take Profits:

  1. 75.40
  2. 73.25
  3. 70.30
  4. 68.85
  5. 65.80
  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