BRENT CRUDE OIL - 1H - Technical analysis published on 05/17/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
83%
6%
11%
My opinion
Bullish above 83.54 USD
My targets
84.52 USD (+0.87%)
85.71 USD (+2.29%)
My analysis
The bullish trend is currently very strong on BRENT CRUDE OIL. As long as the price remains above the support at 83.54 USD, you could try to benefit from the boom. The first bullish objective is located at 84.52 USD. The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance located at 85.71 USD as an objective. Crossing it would then enable buyers to target 87.47 USD. Be careful, given the powerful bullish rally underway, excesses could lead to a possible correction in the short term. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend.
In the very short term, the general bullish sentiment is confirmed by technical indicators. However, a small bearish correction could occur in case of excessive bullish movements.
Force
0
10
8.2
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This analysis was given by Muhahaha. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The BRENT CRUDE OIL price is 83.79 USD. On the day, this instrument gained +0.62% with the lowest point at 83.31 USD and the highest point at 83.83 USD. The deviation from the price is +0.58% for the low point and -0.05% for the high point.83.31
83.83
83.79
The Central Gaps scanner detects a bullish opening marking the presence of buyers ahead of sellers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bullish opening
Type : Bullish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this 1H chart of BRENT CRUDE OIL indicates that the overall trend is strongly bullish. 89.29% of the signals given by moving averages are bullish. The overall trend is supported by the strong bullish signals from short-term moving averages. There is no crossing of moving average by the price or crossing of moving averages between themselves.
In fact, 15 technical indicators on 18 studied are currently bullish. But beware of excesses. The Central Indicators scanner currently detects this:
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Aroon indicator bullish trend
Type : Bullish
Timeframe : 1 hour
Price is back over the pivot point
Type : Bullish
Timeframe : Weekly
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
S3 | S2 | S1 | Price | R1 | R2 | R3 | |
---|---|---|---|---|---|---|---|
ProTrendLines | 82.96 | 83.25 | 83.54 | 83.79 | 83.80 | 84.52 | 85.71 |
Change (%) | -0.99% | -0.64% | -0.30% | - | +0.01% | +0.87% | +2.29% |
Change | -0.83 | -0.54 | -0.25 | - | +0.01 | +0.73 | +1.92 |
Level | Intermediate | Minor | Minor | - | Major | Minor | Minor |
Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:
Daily
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 80.99 | 81.65 | 82.46 | 83.12 | 83.93 | 84.59 | 85.40 |
Camarilla | 82.87 | 83.00 | 83.14 | 83.27 | 83.41 | 83.54 | 83.67 |
Woodie | 81.07 | 81.69 | 82.54 | 83.16 | 84.01 | 84.63 | 85.48 |
Fibonacci | 81.65 | 82.21 | 82.56 | 83.12 | 83.68 | 84.03 | 84.59 |
Weekly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 78.70 | 80.21 | 81.50 | 83.01 | 84.30 | 85.81 | 87.10 |
Camarilla | 82.02 | 82.28 | 82.53 | 82.79 | 83.05 | 83.30 | 83.56 |
Woodie | 78.59 | 80.16 | 81.39 | 82.96 | 84.19 | 85.76 | 86.99 |
Fibonacci | 80.21 | 81.28 | 81.94 | 83.01 | 84.08 | 84.74 | 85.81 |
Monthly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 73.22 | 78.25 | 80.85 | 85.88 | 88.48 | 93.51 | 96.11 |
Camarilla | 81.34 | 82.04 | 82.74 | 83.44 | 84.14 | 84.84 | 85.54 |
Woodie | 72.00 | 77.64 | 79.63 | 85.27 | 87.26 | 92.90 | 94.89 |
Fibonacci | 78.25 | 81.17 | 82.97 | 85.88 | 88.80 | 90.60 | 93.51 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
RSI (14): | 63.19 | |
MACD (12,26,9): | 0.1800 | |
Directional Movement: | 14.37 | |
AROON (14): | 100.00 | |
DEMA (21): | 83.60 | |
Parabolic SAR (0,02-0,02-0,2): | 83.03 | |
Elder Ray (13): | 0.23 | |
Super Trend (3,10): | 83.05 | |
Zig ZAG (10): | 83.76 | |
VORTEX (21): | 1.1400 | |
Stochastique (14,3,5): | 93.17 | |
TEMA (21): | 83.70 | |
Williams %R (14): | 0.00 | |
Chande Momentum Oscillator (20): | 0.56 | |
Repulse (5,40,3): | 0.4100 | |
ROCnROLL: | 1 | |
TRIX (15,9): | 0.0300 | |
Courbe Coppock: | 0.98 |
MA7: | 83.17 | |
MA20: | 84.58 | |
MA50: | 85.26 | |
MA100: | 81.42 | |
MAexp7: | 83.57 | |
MAexp20: | 83.37 | |
MAexp50: | 83.15 | |
MAexp100: | 83.14 | |
Price / MA7: | +0.75% | |
Price / MA20: | -0.93% | |
Price / MA50: | -1.72% | |
Price / MA100: | +2.91% | |
Price / MAexp7: | +0.26% | |
Price / MAexp20: | +0.50% | |
Price / MAexp50: | +0.77% | |
Price / MAexp100: | +0.78% |
Quotes :
-
10 min delayed data
-
NYMEX Futures
News
The last news published on BRENT CRUDE OIL at the time of the generation of this analysis was as follows:
- Trading volatility: Brent around OPEC meeting
- 'FASTEN YOUR SEATBELTS': Brent Bozell warns of Alex Soros' Open Society Foundations takeover
- It's 'increasingly likely' the missing submersible imploded: Brent Sadler
- Trade of the Week: Short Brent crude
- Trade of the Week - Monday 5th December: long Brent crude
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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