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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

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Trade Setup
#BRENT
Total Profit: 9508 point
Closed trade(s): 7036 point Profit
Open trade(s): 2472 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.
TP3 @ 70.30 touched at 2018.11.09 with 748 point Profit.
TP4 @ 68.85 touched at 2018.11.13 with 893 point Profit.
TP5 @ 65.80 touched at 2018.11.13 with 1198 point Profit.
TP6 @ 62.35 touched at 2018.11.20 with 1543 point Profit.
TP7 @ 58.15 touched at 2018.11.29 with 1963 point Profit.
238 + 453 + 748 + 893 + 1198 + 1543 + 1963 = 7036 point

Open Profit:
Profit for one trade is 77.78(open price) - 53.06(current price) = 2472 point
1 trade(s) still open, therefore total profit for open trade(s) is 2472 x 1 = 2472 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.
  • If the Midterm level 58.150 is broken, we will close open trades.

DateDecember 29, 2018 - 13:52
Currentdowntrend
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 50.250, beginning of uptrend is expected.
  • We make sure when the resistance at 58.150 breaks.
  • If the support at 50.250 is broken, the short-term forecast -beginning of uptrend- will be invalid.
  • We will close our open trades, if the Midterm level 58.150 is broken.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 57.8 on 2018-11-29 and the trough at 50.25 on 2018-12-26, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • While the RSI resistance #1 at 58 is not broken, the probability of price increase would be too low.
  • A trough is formed in daily chart at 50.25 on 12/26/2018, so more gains to resistance(s) 54.55 and maximum to Major Resistance (58.15) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 33.

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) new 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
Brent Crude Oil (BRENT) Sat, 17 Feb 2024