BRENT CRUDE OIL - 1H - Technical analysis published on 09/16/2020 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Court terme:
Strongly bullish
De fond:
Strongly bullish
Technical indicators
89%
0%
11%
My opinion
Bullish above 40.82 USD
My targets
42.41 USD (+2.34%)
43.56 USD (+5.12%)
My analysis
The bullish trend is currently very strong on BRENT CRUDE OIL. As long as the price remains above the support at 40.82 USD, you could try to benefit from the boom. The first bullish objective is located at 42.41 USD. The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance located at 43.56 USD as an objective. Crossing it would then enable buyers to target 44.54 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.
Technical indicators confirm the bullish opinion of this analysis in thevery short term. However, be careful of excessive bullish movements. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
8.6
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This analysis was given by Vincent Launay. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The BRENT CRUDE OIL price is 41.44 USD. On the day, this instrument gained +2.25% and was traded between 40.58 USD and 41.62 USD over the period. The price is currently at +2.12% from its lowest and -0.43% from its highest.40.58
41.62
41.44
The Central Gaps scanner detects a bearish opening marking the presence of sellers ahead of buyers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bearish opening
Type : Bearish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
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. An assessment of moving averages reveals a bullish signal that could impact this trend:
Moving Average bullish crossovers : MA50 & MA100
Type : Bullish
Timeframe : 1 hour
Technical indicators are strongly bullish, suggesting that the price increase should continue.
But beware of excesses. The Central Indicators scanner currently detects this:
RSI indicator is overbought : over 70
Type : Neutral
Timeframe : 1 hour
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : 1 hour
Price is back under the pivot point
Type : Bearish
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 | 39.82 | 40.35 | 40.82 | 41.44 | 42.41 | 43.56 | 44.54 |
| Change (%) | -3.91% | -2.63% | -1.50% | - | +2.34% | +5.12% | +7.48% |
| Change | -1.62 | -1.09 | -0.62 | - | +0.97 | +2.12 | +3.10 |
| Level | Major | Minor | Intermediate | - | Minor | Minor | Intermediate |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 40.20 | 40.40 | 40.80 | 41.00 | 41.40 | 41.60 | 42.00 |
| Camarilla | 41.04 | 41.09 | 41.15 | 41.20 | 41.26 | 41.31 | 41.37 |
| Woodie | 40.30 | 40.45 | 40.90 | 41.05 | 41.50 | 41.65 | 42.10 |
| Fibonacci | 40.40 | 40.63 | 40.77 | 41.00 | 41.23 | 41.37 | 41.60 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 35.42 | 37.35 | 38.59 | 40.52 | 41.76 | 43.69 | 44.93 |
| Camarilla | 38.96 | 39.25 | 39.54 | 39.83 | 40.12 | 40.41 | 40.70 |
| Woodie | 35.08 | 37.18 | 38.25 | 40.35 | 41.42 | 43.52 | 44.59 |
| Fibonacci | 37.35 | 38.56 | 39.31 | 40.52 | 41.73 | 42.48 | 43.69 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 39.86 | 41.37 | 43.48 | 44.99 | 47.10 | 48.61 | 50.72 |
| Camarilla | 44.59 | 44.92 | 45.25 | 45.58 | 45.91 | 46.24 | 46.58 |
| Woodie | 40.15 | 41.52 | 43.77 | 45.14 | 47.39 | 48.76 | 51.01 |
| Fibonacci | 41.37 | 42.76 | 43.61 | 44.99 | 46.38 | 47.23 | 48.61 |
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): | 74.84 | |
| MACD (12,26,9): | 0.3700 | |
| Directional Movement: | 28.44 | |
| AROON (14): | 100.00 | |
| DEMA (21): | 41.31 | |
| Parabolic SAR (0,02-0,02-0,2): | 41.05 | |
| Elder Ray (13): | 0.43 | |
| Super Trend (3,10): | 40.73 | |
| Zig ZAG (10): | 41.54 | |
| VORTEX (21): | 1.2000 | |
| Stochastique (14,3,5): | 92.45 | |
| TEMA (21): | 41.49 | |
| Williams %R (14): | -5.31 | |
| Chande Momentum Oscillator (20): | 0.94 | |
| Repulse (5,40,3): | 1.0800 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.1200 | |
| Courbe Coppock: | 4.06 |
| MA7: | 40.49 | |
| MA20: | 42.81 | |
| MA50: | 43.62 | |
| MA100: | 40.80 | |
| MAexp7: | 41.24 | |
| MAexp20: | 40.83 | |
| MAexp50: | 40.41 | |
| MAexp100: | 40.42 | |
| Price / MA7: | +2.35% | |
| Price / MA20: | -3.20% | |
| Price / MA50: | -5.00% | |
| Price / MA100: | +1.57% | |
| Price / MAexp7: | +0.48% | |
| Price / MAexp20: | +1.49% | |
| Price / MAexp50: | +2.55% | |
| Price / MAexp100: | +2.52% |
Quotes :
2020-09-16 08:55:00
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15 min delayed data
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NYMEX Futures
News
The last news published on BRENT CRUDE OIL at the time of the generation of this analysis was as follows:
-
Will Brent crude oil continue to push higher? – 27th August 2020
-
China's 'waiting game' isn't helping it - Brent Wilsey
-
Will Brent crude oil retest the June lows? – 4th July 2019
-
Will Brent Crude push higher? – 11th April 2019
-
Oil news | A trade deal could push Brent to $70
This member declared not having a position on this financial instrument or a related financial instrument.
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