Brent Crude Oil: technical analysis 19 June 2019, 11:55

Brent Crude Oil: technical analysis

19 June 2019, 11:55

Scenario
Timeframe	Weekly
Recommendation	BUY STOP
Entry Point	63.20
Take Profit	64.50, 66.20
Stop Loss	62.30
Key Levels	58.30, 59.00, 60.50, 63.20, 64.50, 66.20

Alternative scenario
Recommendation	SELL STOP
Entry Point	60.50
Take Profit	59.00, 58.30
Stop Loss	61.30
Key Levels	58.30, 59.00, 60.50, 63.20, 64.50, 66.20

Brent Crude Oil, H4
On the 4-hour chart, the instrument is trading in the upper Bollinger band. The price remains below its moving averages that are directed down. The RSI is growing, having broken out its longer MA. The Composite is approaching its strong resistance.

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 directed down. The RSI keeps forming a Bullish divergence with the price. The Composite is showing similar dynamics.

Key levels
Support levels: 60.50 (local lows), 59.00 (September 2017 highs), 58.30 (November 2018 lows).
Resistance levels: 63.20 (local highs), 64.50 (local highs), 66.20 (local highs).
Trading tips
The price is testing its strong resistance near 63.20. Its breakout would allow the growth to continue.
Long positions can be opened from the level of 63.20 with targets at 64.50, 66.20 and stop-loss at 62.30. Validity – 3-5 days.
Short positions can be opened from the level of 60.50 with targets at 59.00, 58.30 and stop-loss at 61.30. Validity – 3-5 days.