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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

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Trade Setup
#BRENT
Total Profit: 1260 point
Closed trade(s): 316 point Profit
Open trade(s): 944 point Profit

Trade Setup:
We opened 6 SELL trade(s) @ 42.42 based on 'Peak' at 2020.09.04.

Closed Profit:
TP1 @ 41.70 touched at 2020.09.08 with 73 point Profit.
TP2 @ 40.00 touched at 2020.09.08 with 243 point Profit.
73 + 243 = 316 point

Open Profit:
Profit for one trade is 42.42(open price) - 40.07(current price) = 236 point
4 trade(s) still open, therefore total profit for open trade(s) is 236 x 4 = 944 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.
DateSeptember 12, 2020 - 13:24
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 46.500, beginning of downtrend is expected.
  • We make sure when the support at 40.000 breaks.
  • If the resistance at 46.500 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 43.315 on 2020-06-08 and the peak at 46.525 on 2020-08-26, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • The RSI support #1 at 55 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 46.50 on 08/25/2020, so more losses minimum to Major Support (40.00) 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 29.

Take Profits:

  1. 41.70
  2. 40.00
  3. 36.95
  4. 33.80
  5. 19.40
Click on the level to view price action history.
Symbol Released Current Forecast
Brent Crude Oil (BRENT) Sun, 14 Apr 2024
Brent Crude Oil (BRENT) Sun, 14 Apr 2024
Brent Crude Oil (BRENT) Sat, 6 Apr 2024
Brent Crude Oil (BRENT) Sat, 30 Mar 2024
Brent Crude Oil (BRENT) Sat, 23 Mar 2024
History
Daily-Trading-Opportunities on BRENT.