Brent, D1

On D1 chart the instrument is trying to consolidate above the psychological level of 77.00. Bollinger Bands are directed upwards, while the price range has expanded which is a reason for the further strengthening of the quotes. MACD histogram has reached maximal volumes in the positive zone maintaining strong buy signal. Stochastic entered the overbought area, so a sell signal can be formed in 1-2 days.

Brent, H4

On H4 chart the instrument was corrected to the upper border of Bollinger Bands. The indicator is directed upwards, while the price range is increasing, which indicates further growth of quotes. MACD histogram is in the positive zone, keeping a strong buy signal. Stochastic has entered the overbought zone.

Key levels

Support levels: 70.56, 71.72, 72.35, 73.25, 74.10, 74.63, 75.16, 75.93.

Resistance levels: 77.00, 77.53, 78.50.

Trading tips

Long positions may be opened above the level of 77.15 with targets at 78.00, 78.50 and stop-loss at 76.50. Implementation time: 1-3 days.

Short positions may be opened from the level of 76.35 with the target at 75.15 and stop-loss at 77.10. Implementation time: 1-3 days.

Brent Crude Oil

BuySellSpread
73.0672.97981

Scenario

TimeframeDay's Range
RecommendationsBUY STOP
Entry Point77.20
Take Profit78.00, 78.50
Stop Loss76.50
Support levels70.56, 71.72, 72.35, 73.25, 74.10, 74.63, 75.16, 75.93, 74.10, 77.00, 77.53, 78.50

Alternative scenario

RecommendationsSELL STOP
Entry Point76.35
Take Profit75.15
Stop Loss77.10
Support levels70.56, 71.72, 72.35, 73.25, 74.10, 74.63, 75.16, 75.93, 74.10, 77.00, 77.53, 78.50
Brent Crude Oil: technical analysis

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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