Brent Crude Oil, D1

On the daily chart, the instrument moves sideways within a narrow range formed by the borders of Bollinger bands, the price range is narrowing. MACD histogram is in the negative area, keeping the signal to the opening of short positions. Stochastic is in the neutral zone, the signal line is directed upwards.

Brent Crude Oil, H4

On the 4-hour chart, the downward movement is in the correction from the lower border of Bollinger bands, the price range is extended. MACD histogram is in the negative zone, the signal line is reversed downwards, ready to cross the zero line downwards, after which a signal to open short positions will be received. Stochastic is preparing to leave the oversold zone, its lines are turned up.

Key Levels

Resistance levels: 73.00, 73.80, 74.20, 74.70, 75.50.

Support levels: 72.10, 71.80, 71.25.

Trading tips

In the short term, short positions can be opened at the level of 71.80 with the target at 71.00 and stop loss 72.10.

Long positions can be opened at the level 73.80 with the target at 74.70. Stop loss is 73.50.

Implementation period: 1–3 days.

Brent Crude Oil

BuySellSpread
79.63179.55378

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point71.80
Take Profit71.00
Stop Loss72.10
Support levels71.25, 71.80, 72.10, 73.00, 73.80, 74.20, 74.70, 75.50

Alternative scenario

RecommendationsBUY STOP
Entry Point73.80
Take Profit74.70
Stop Loss73.50
Support levels71.25, 71.80, 72.10, 73.00, 73.80, 74.20, 74.70, 75.50
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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