Brent Crude Oil: technical analysis
09 August 2018, 10:51
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 71.80 |
| Take Profit | 71.00 |
| Stop Loss | 72.10 |
| Key Levels | 71.25, 71.80, 72.10, 73.00, 73.80, 74.20, 74.70, 75.50 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 73.80 |
| Take Profit | 74.70 |
| Stop Loss | 73.50 |
| Key Levels | 71.25, 71.80, 72.10, 73.00, 73.80, 74.20, 74.70, 75.50 |
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.
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.
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