Brent Crude Oil: technical analysi

Brent Crude Oil, D1

On the daily chart, the downward movement was corrected, the instrument reached the lower border of the Bollinger band, and then slowed down. MACD histogram is in the negative area, its volumes are minimal, the signal line is prepared to cross the zero line downwards, after which a signal to open short positions will be received. Stochastic moves towards the border of the oversold area, the oscillator lines are directed downward.

Brent Crude Oil, H4

On the 4-hour chart, the downward movement is in the correction, too. The instrument is trading between the middle line and the lower border of Bollinger bands, the price range is widened, which indicates a probable resumption of price reduction. MACD histogram is in the negative area, its volumes are gradually increasing, the signal line crosses the histogram body downwards, forming a signal for the opening of short positions. Stochastic is in the oversold area, the signal line moves horizontally.

Key Levels

Resistance levels: 74.70, 76.29, 77.68, 78.74, 79.67, 80.40.

Support levels: 72.97, 72.11, 70.77

Trading tips

Short positions can be opened from the level of 72.00 with the target at 70.80 and stop loss 72.50.

Long positions can be opened at the level of 76.80 with the target at 78.80. Stop loss is 77.30.

Implementation period: 1–3 days.

Brent Crude Oil

Buy Sell Spread
73.913 73.847 66

Scenario

Timeframe Day’s Range
Recommendations SELL STOP
Entry Point 72.00
Take Profit 70.80
Stop Loss 72.50
Support levels 70.77, 72.11, 72.97, 74.70, 76.29, 77.68, 78.74, 79.67, 80.40

Alternative scenario

Recommendations BUY STOP
Entry Point 76.80
Take Profit 78.80
Stop Loss 77.30
Support levels 70.77, 72.11, 72.97, 74.70, 76.29, 77.68, 78.74, 79.67, 80.40

Brent Crude Oil: technical analysi

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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