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Weekly forecast Brent Crude Oil technical chart
Symbol BRENT

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Trade Setup
#BRENT
Total Profit: -762 point
Closed trade(s): 0 point Profit
Open trade(s): -762 point Profit

Trade Setup:
We opened 6 SELL trade(s) @ 43.80 based on 'Shooting star' entry method at 2020.11.11.

Open Profit:
Profit for one trade is 43.80(open price) - 45.07(current price) = -127 point
6 trade(s) still open, therefore total profit for open trade(s) is -127 x 6 = -762 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.

DateNovember 21, 2020 - 14:12
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 36.950 breaks.
  • If the resistance at 46.500 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 42.70 on 11/13/2020, so more gains maximum to Major Resistance (46.50) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 62.

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) 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