BRENT CRUDE OIL - 1H - Technical analysis published on 10/17/2023 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : INVALID
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Summary of the analysis
Trends
Short term:
Bullish
Underlying:
Strongly bullish
Technical indicators
50%
22%
28%
My opinion
Bullish above 89.52 USD
My targets
90.37 USD (+0.38%)
91.39 USD (+1.51%)
My analysis
All elements being clearly bullish, it would be possible for traders to trade only long positions (at the time of purchase) on BRENT CRUDE OIL as long as the price remains well above 89.52 USD. The buyers' bullish objective is set at 90.37 USD. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 91.39 USD. If there is any crossing, the next objective would be the resistance located at 93.74 USD. Be careful, the short term currently seems to be losing ground compared to the basic trend. Longer time units should be analysed to identify possible overbought items that could be a sign of a possible short-term correction.
In the very short term, the general bullish sentiment is not called into question, despite technical indicators being indecisive.
Force
0
10
5.9
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This analysis was given by ciaciocoin. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The BRENT CRUDE OIL rating is 90.03 USD. On the day, this instrument gained +0.42% and was between 89.24 USD and 90.16 USD. This implies that the price is at +0.89% from its lowest and at -0.14% from its highest.89.24
90.16
90.03
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:
Technical
Technical analysis of this 1H chart of BRENT CRUDE OIL indicates that the overall trend is strongly bullish. 85.71% of the signals given by moving averages are bullish. The slightly bullish signals given by the short-term moving averages show a weakening of the global trend. The Central Indicators scanner detects bullish and bearish signals on moving averages that could impact this trend:
Moving Average bearish crossovers : MA20 & MA50
Type : Bearish
Timeframe : 1 hour
Bullish price crossover with Moving Average 20
Type : Bullish
Timeframe : 1 hour
Bullish price crossover with Moving Average 50
Type : Bullish
Timeframe : 1 hour
Bullish price crossover with adaptative moving average 50
Type : Bullish
Timeframe : 1 hour
The technical indicators are generally neutral. They do not provide relevant information on the direction of future price movements.
But beware of excesses. The Central Indicators scanner currently detects this:
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
RSI indicator is back over 50
Type : Bullish
Timeframe : 1 hour
Ichimoku : price is over the cloud
Type : Bullish
Timeframe : 1 hour
Price is back over the pivot point
Type : Bullish
Timeframe : 1 hour
Momentum indicator is back under 0
Type : Bearish
Timeframe : 1 hour
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
For a small rebound in the very short term, the Central Candlesticks scanner currently notes the presence of this bullish pattern in Japanese candlesticks:
Bullish engulfing lines
Type : Bullish
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 86.93 | 88.15 | 89.52 | 90.03 | 90.37 | 91.39 | 93.74 |
| Change (%) | -3.44% | -2.09% | -0.57% | - | +0.38% | +1.51% | +4.12% |
| Change | -3.10 | -1.88 | -0.51 | - | +0.34 | +1.36 | +3.71 |
| Level | Minor | Minor | Intermediate | - | Minor | 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 | 87.06 | 88.28 | 88.96 | 90.18 | 90.86 | 92.08 | 92.76 |
| Camarilla | 89.13 | 89.30 | 89.48 | 89.65 | 89.82 | 90.00 | 90.17 |
| Woodie | 86.80 | 88.15 | 88.70 | 90.05 | 90.60 | 91.95 | 92.50 |
| Fibonacci | 88.28 | 89.00 | 89.45 | 90.18 | 90.90 | 91.35 | 92.08 |
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): | 52.58 | |
| MACD (12,26,9): | -0.0500 | |
| Directional Movement: | -4.74 | |
| AROON (14): | -50.00 | |
| DEMA (21): | 89.88 | |
| Parabolic SAR (0,02-0,02-0,2): | 90.59 | |
| Elder Ray (13): | 0.02 | |
| Super Trend (3,10): | 90.68 | |
| Zig ZAG (10): | 90.07 | |
| VORTEX (21): | 0.8700 | |
| Stochastique (14,3,5): | 67.07 | |
| TEMA (21): | 89.59 | |
| Williams %R (14): | -11.96 | |
| Chande Momentum Oscillator (20): | 0.04 | |
| Repulse (5,40,3): | 0.5700 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | -0.0100 | |
| Courbe Coppock: | 0.82 |
| MA7: | 88.32 | |
| MA20: | 89.49 | |
| MA50: | 86.95 | |
| MA100: | 81.03 | |
| MAexp7: | 89.83 | |
| MAexp20: | 89.89 | |
| MAexp50: | 89.54 | |
| MAexp100: | 88.88 | |
| Price / MA7: | +1.94% | |
| Price / MA20: | +0.60% | |
| Price / MA50: | +3.54% | |
| Price / MA100: | +11.11% | |
| Price / MAexp7: | +0.22% | |
| Price / MAexp20: | +0.16% | |
| Price / MAexp50: | +0.55% | |
| Price / MAexp100: | +1.29% |
Quotes :
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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
-
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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