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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 (71.55 to 72.70). 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 (71.55)
    • Support on 04/12/2018
    • Support on 07/16/2018
    • Support on 07/17/2018
    • Support on 07/18/2018
    • Support on 08/10/2018
    • Support on 08/13/2018
    • Support on 08/20/2018
    • Support on 11/06/2018
    • Support on 11/07/2018
    • Resistance on 11/12/2018
    • Resistance on 04/10/2019
    • Resistance on 04/11/2019
    • Resistance on 04/12/2019
    • Resistance on 04/16/2019
    • Resistance on 04/17/2019
    • Resistance on 04/18/2019
    • Support on 05/01/2019
    • Resistance on 05/06/2019
  • Ending of entry zone (72.70)
    • Resistance on 04/11/2018
    • Support on 04/23/2018
    • Support on 04/25/2018
    • Support on 04/30/2018
    • Support on 05/01/2018
    • Support on 05/02/2018
    • Support on 05/03/2018
    • Support on 06/15/2018
    • Support on 06/18/2018
    • Support on 06/21/2018
    • Support on 07/12/2018
    • Support on 07/20/2018
    • Support on 07/23/2018
    • Support on 07/24/2018
    • Support on 08/03/2018
    • Support on 08/13/2018
    • Resistance on 08/15/2018
    • Resistance on 08/17/2018
    • Resistance on 08/20/2018
    • Support on 11/01/2018
    • Resistance on 11/08/2018
    • Resistance on 04/30/2019

DateSat, 05/11/2019 - 20:51
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 72.70, beginning of downtrend is expected.
  • We make sure when the support at 64.00 breaks.
  • If the resistance at 72.70 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI support #1 at 49 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 74.70 on 04/25/2019, so more losses to support(s) 68.50, 67.00, 66.05 and minimum to Major Support (64.00) 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 49.

Take Profits:

  1. 70.35
  2. 68.50
  3. 67.00
  4. 66.05
  5. 64.00
  6. 62.35
  7. 59.00
  8. 55.05
  9. 50.25
Click on the level to view price action history.

Symbol Released Current Forecast
Brent Crude Oil (BRENT) new Sat, 18 May 2019
Brent Crude Oil (BRENT) free Sat, 11 May 2019
Brent Crude Oil (BRENT) Sat, 4 May 2019
Brent Crude Oil (BRENT) Sat, 27 Apr 2019
Brent Crude Oil (BRENT) Sat, 20 Apr 2019