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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

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Trade Setup
#BRENT
Total Profit: 1931 point
Closed trade(s): 821 point Profit
Open trade(s): 1110 point Profit

Trade Setup:
We opened 9 SELL trade(s) @ 69.92 based on 'Peak' at 2019.05.22.

Closed Profit:
TP1 @ 68.50 touched at 2019.05.23 with 142 point Profit.
TP2 @ 67.00 touched at 2019.05.23 with 292 point Profit.
TP3 @ 66.05 touched at 2019.05.23 with 387 point Profit.
142 + 292 + 387 = 821 point

Open Profit:
Profit for one trade is 69.92(open price) - 68.07(current price) = 185 point
6 trade(s) still open, therefore total profit for open trade(s) is 185 x 6 = 1110 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 69.550 is broken, we will close open trades.
  • Price may also reach 69.550, if price reaches this level, there is a second chance to get more profit and reinvest by Daily-Trading-Opportunities signals. This suggestion is not according to Trend Hunter Strategy, and depends on personal strategies.

DateMay 25, 2019 - 18:16
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 69.550, beginning of downtrend is expected.
  • We make sure when the support at 64.000 breaks.
  • If the resistance at 69.550 is broken, the short-term forecast -beginning of downtrend- will be invalid.
  • We will close our open trades, if the Midterm level 69.550 is broken.

Technical analysis:

  • The RSI support #1 at 49 is broken, so the probability of beginning of downtrend is increased.
  • While the RSI downtrend #2 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 72.65 on 05/20/2019, so more losses to support(s) 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 41.

Take Profits:

  1. 68.50
  2. 67.00
  3. 66.05
  4. 64.00
  5. 62.35
  6. 59.00
  7. 55.05
  8. 50.25
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