Brent Crude Oil: technical analysis
12 June 2019, 10:53
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 61.98 |
| Take Profit | 60.50, 58.80, 57.70 |
| Stop Loss | 62.80 |
| Key Levels | 57.70, 58.80, 60.50, 62.40, 62.80, 64.60 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 62.80 |
| Take Profit | 64.60 |
| Stop Loss | 62.40 |
| Key Levels | 57.70, 58.80, 60.50, 62.40, 62.80, 64.60 |
Brent Crude Oil, H4
On the 4-hour chart, the instrument is trading below the lower line of the Bollinger Bands. The price remains below its moving averages that are directed down. The RSI is about to test the border of the oversold zone. The Composite is approaching its strong support.
Brent Crude Oil, D1
On the daily chart, the instrument is trading in the lower Bollinger band. The price remains below its moving averages that are turning down. The RSI is testing the border of the oversold zone again, having just left it. The Composite is testing its longer MA.
Key levels
Support levels: 60.50 (local lows), 58.80 (September 2017 highs), 57.70 (November 2018 lows).
Resistance levels: 62.40 (local highs), 62.80 (local highs), 64.60 (local highs).
Trading tips
The fall is likely to continue.
Short positions can be opened from current prices with targets at 60.50, 58.80, 57.70 and stop-loss at 62.80. Validity – 3-5 days.
Long positions can be opened from the level of 62.80 with the target at 64.60 and stop-loss at 62.40. Validity – 3-5 days.
On the 4-hour chart, the instrument is trading below the lower line of the Bollinger Bands. The price remains below its moving averages that are directed down. The RSI is about to test the border of the oversold zone. The Composite is approaching its strong support.
Brent Crude Oil, D1
On the daily chart, the instrument is trading in the lower Bollinger band. The price remains below its moving averages that are turning down. The RSI is testing the border of the oversold zone again, having just left it. The Composite is testing its longer MA.
Key levels
Support levels: 60.50 (local lows), 58.80 (September 2017 highs), 57.70 (November 2018 lows).
Resistance levels: 62.40 (local highs), 62.80 (local highs), 64.60 (local highs).
Trading tips
The fall is likely to continue.
Short positions can be opened from current prices with targets at 60.50, 58.80, 57.70 and stop-loss at 62.80. Validity – 3-5 days.
Long positions can be opened from the level of 62.80 with the target at 64.60 and stop-loss at 62.40. Validity – 3-5 days.
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