BRENT CRUDE OIL - 1H - Technical analysis published on 10/16/2023 (GMT)
- 90
- 0
I am pleased to note that the threshold for invalidation has been maintained for 20 Candlesticks.
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- Timeframe : 1H
- - Analysis generated on
- Status : LEVEL MAINTAINED
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bullish
Technical indicators
22%
33%
44%
My opinion
Bullish above 88.15 USD
My targets
91.56 USD (+1.72%)
93.74 USD (+4.14%)
My analysis
We are currently in a phase of short-term indecision. In a case like this, you could favour trades in the direction of the basic trend on BRENT CRUDE OIL. As long as you are above the support located at 88.15 USD, traders with an aggressive trading strategy could consider a purchase. A cross of the resistance located at 91.56 USD would be a signal that the basic trade will reverse and the short-term trend could then quickly become bullish. Buyers would then use the next resistance located at 93.74 USD as an objective. Crossing it would then enable buyers to target 105.45 USD. If the support 88.15 USD were to be broken, this would simply be a sign of a possible continuation of short-term consolidation and trading against the trend would then perhaps be more risky.
In the very short term, the general bullish sentiment is not called into question, despite technical indicators being indecisive.
Force
0
10
2.1
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Additional analysis
Quotes
The BRENT CRUDE OIL rating is 90.01 USD. On the day, this instrument lost -0.97% and was traded between 89.49 USD and 91.39 USD over the period. The price is currently at +0.58% from its lowest and -1.51% from its highest.89.49
91.39
90.01
A bullish opening was detected by the Central Gaps scanner. Buyers are trying to impose a bullish momentum in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
Here is a more detailed summary of the historical variations registered by BRENT CRUDE OIL:
Near a new HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
A technical analysis in 1H of this BRENT CRUDE OIL chart shows a bullish trend. 71.43% of the signals given by moving averages are bullish. Caution: the neutral signals currently given by the short-term moving averages indicate that this bullish trend is showing signs of running out of steam. The Central Indicators market scanner is currently detecting a bullish signal that could impact this trend:
Bullish price crossover with adaptative moving average 50
Type : Bullish
Timeframe : 1 hour
An assessment of technical indicators does not currently provide any relevant information on the direction of future price movements.
But beware of excesses. The Central Indicators scanner currently detects this:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : 1 hour
Previous candle closed under Bollinger bands
Type : Neutral
Timeframe : 1 hour
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
Central Candlesticks, the scanner specialised in Japanese candlesticks, detects a bullish signal that could support the hypothesis of a small rebound in the very short term:
Bullish harami
Type : Bullish
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 85.20 | 86.47 | 88.15 | 90.01 | 91.56 | 93.74 | 105.45 |
| Change (%) | -5.34% | -3.93% | -2.07% | - | +1.72% | +4.14% | +17.15% |
| Change | -4.81 | -3.54 | -1.86 | - | +1.55 | +3.73 | +15.44 |
| Level | Intermediate | Minor | Intermediate | - | Intermediate | Major | Major |
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 | 83.11 | 84.70 | 87.80 | 89.39 | 92.49 | 94.08 | 97.18 |
| Camarilla | 89.60 | 90.03 | 90.46 | 90.89 | 91.32 | 91.75 | 92.18 |
| Woodie | 83.86 | 85.08 | 88.55 | 89.77 | 93.24 | 94.46 | 97.93 |
| Fibonacci | 84.70 | 86.50 | 87.60 | 89.39 | 91.19 | 92.29 | 94.08 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 81.24 | 83.21 | 87.05 | 89.02 | 92.86 | 94.83 | 98.67 |
| Camarilla | 89.29 | 89.83 | 90.36 | 90.89 | 91.42 | 91.96 | 92.49 |
| Woodie | 82.18 | 83.68 | 87.99 | 89.49 | 93.80 | 95.30 | 99.61 |
| Fibonacci | 83.21 | 85.43 | 86.80 | 89.02 | 91.24 | 92.61 | 94.83 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 77.33 | 81.55 | 86.88 | 91.10 | 96.43 | 100.65 | 105.98 |
| Camarilla | 89.57 | 90.45 | 91.33 | 92.20 | 93.08 | 93.95 | 94.83 |
| Woodie | 77.88 | 81.83 | 87.43 | 91.38 | 96.98 | 100.93 | 106.53 |
| Fibonacci | 81.55 | 85.20 | 87.46 | 91.10 | 94.75 | 97.01 | 100.65 |
Numerical data
The following are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 49.07 | |
| MACD (12,26,9): | 0.2700 | |
| Directional Movement: | -5.36 | |
| AROON (14): | -14.28 | |
| DEMA (21): | 90.78 | |
| Parabolic SAR (0,02-0,02-0,2): | 91.31 | |
| Elder Ray (13): | -0.34 | |
| Super Trend (3,10): | 89.64 | |
| Zig ZAG (10): | 89.96 | |
| VORTEX (21): | 0.9300 | |
| Stochastique (14,3,5): | 24.91 | |
| TEMA (21): | 90.41 | |
| Williams %R (14): | -76.32 | |
| Chande Momentum Oscillator (20): | -1.00 | |
| Repulse (5,40,3): | -0.6900 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | 0.0900 | |
| Courbe Coppock: | 1.10 |
| MA7: | 87.57 | |
| MA20: | 89.61 | |
| MA50: | 86.82 | |
| MA100: | 80.84 | |
| MAexp7: | 90.24 | |
| MAexp20: | 90.28 | |
| MAexp50: | 89.34 | |
| MAexp100: | 88.55 | |
| Price / MA7: | +2.79% | |
| Price / MA20: | +0.45% | |
| Price / MA50: | +3.67% | |
| Price / MA100: | +11.34% | |
| Price / MAexp7: | -0.25% | |
| Price / MAexp20: | -0.30% | |
| Price / MAexp50: | +0.75% | |
| Price / MAexp100: | +1.65% |
Quotes :
-
10 min delayed data
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NYMEX Futures
News
Don't forget to follow the news on BRENT CRUDE OIL. At the time of publication of this analysis, the latest news was as follows:
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'FASTEN YOUR SEATBELTS': Brent Bozell warns of Alex Soros' Open Society Foundations takeover
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It's 'increasingly likely' the missing submersible imploded: Brent Sadler
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Trade of the Week: Short Brent crude
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Trade of the Week - Monday 5th December: long Brent crude
-
Trade of the Week: Brent Crude 📉
This member declared not having a position on this financial instrument or a related financial instrument.
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