BRENT CRUDE OIL - 1H - Technical analysis published on 10/24/2023 (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
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
56%
17%
28%
My opinion
Bearish under 90.63 USD
My targets
89.54 USD (-0.87%)
88.15 USD (-2.41%)
My analysis
BRENT CRUDE OIL is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 90.63 USD. The next support located at 89.54 USD is the next bearish objective to target. A bearish break of this support would revive the bearish momentum. The bearish movement could then continue towards the next support located at 88.15 USD. Below this support, sellers could then target 85.20 USD. With the current pattern, you will need to monitor for possible bearish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bearish trend. Trying to profit from the purchase of these possible corrections may seem risky.
In the very short term, the general bearish opinion of this analysis is in opposition with technical indicators. As long as the invalidation level of this analysis is not breached, the bearish direction is still favored, however the current short term correction should be carefully watched.
Force
0
10
4.8
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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 price is 90.33 USD. The price registered an increase of +0.56% on the session and was traded between 89.46 USD and 90.67 USD over the period. The price is currently at +0.97% from its lowest and -0.37% from its highest.89.46
90.67
90.33
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
A study of price movements over other periods shows the following variations:
Technical
Technical analysis of BRENT CRUDE OIL in 1H shows a overall strongly bearish trend. 92.86% of the signals given by moving averages are bearish. The overall trend is supported by the strong bearish signals from short-term moving averages. An assessment of moving averages reveals a bullish signal that could impact this trend:
Bullish price crossover with Moving Average 20
Type : Bullish
Timeframe : 1 hour
The probability of a further increase are moderate given the direction of the technical indicators.
Caution: the Central Indicators scanner currently detects an excess:
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Price is back under the pivot point
Type : Bearish
Timeframe : Weekly
Momentum indicator is back over 0
Type : Bullish
Timeframe : 1 hour
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 | 85.20 | 88.15 | 89.54 | 90.33 | 90.63 | 91.38 | 92.97 |
| Change (%) | -5.68% | -2.41% | -0.87% | - | +0.33% | +1.16% | +2.92% |
| Change | -5.13 | -2.18 | -0.79 | - | +0.30 | +1.05 | +2.64 |
| Level | Minor | Intermediate | Major | - | Minor | Intermediate | 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 | 86.01 | 87.82 | 88.82 | 90.63 | 91.63 | 93.44 | 94.44 |
| Camarilla | 89.06 | 89.32 | 89.57 | 89.83 | 90.09 | 90.35 | 90.60 |
| Woodie | 85.62 | 87.62 | 88.43 | 90.43 | 91.24 | 93.24 | 94.05 |
| Fibonacci | 87.82 | 88.89 | 89.55 | 90.63 | 91.70 | 92.36 | 93.44 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 84.50 | 86.69 | 89.42 | 91.61 | 94.34 | 96.53 | 99.26 |
| Camarilla | 90.81 | 91.26 | 91.71 | 92.16 | 92.61 | 93.06 | 93.51 |
| Woodie | 84.78 | 86.83 | 89.70 | 91.75 | 94.62 | 96.67 | 99.54 |
| Fibonacci | 86.69 | 88.57 | 89.73 | 91.61 | 93.49 | 94.65 | 96.53 |
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 is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 43.77 | |
| MACD (12,26,9): | -0.3100 | |
| Directional Movement: | -17.88 | |
| AROON (14): | -7.14 | |
| DEMA (21): | 90.12 | |
| Parabolic SAR (0,02-0,02-0,2): | 90.65 | |
| Elder Ray (13): | -0.10 | |
| Super Trend (3,10): | 91.23 | |
| Zig ZAG (10): | 90.47 | |
| VORTEX (21): | 0.8500 | |
| Stochastique (14,3,5): | 71.35 | |
| TEMA (21): | 90.16 | |
| Williams %R (14): | -23.97 | |
| Chande Momentum Oscillator (20): | 0.07 | |
| Repulse (5,40,3): | 0.6700 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.0600 | |
| Courbe Coppock: | 0.39 |
| MA7: | 90.83 | |
| MA20: | 89.50 | |
| MA50: | 87.72 | |
| MA100: | 81.99 | |
| MAexp7: | 90.34 | |
| MAexp20: | 90.57 | |
| MAexp50: | 91.09 | |
| MAexp100: | 91.12 | |
| Price / MA7: | -0.55% | |
| Price / MA20: | +0.93% | |
| Price / MA50: | +2.98% | |
| Price / MA100: | +10.17% | |
| Price / MAexp7: | -0.01% | |
| Price / MAexp20: | -0.26% | |
| Price / MAexp50: | -0.83% | |
| Price / MAexp100: | -0.87% |
Quotes :
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10 min delayed data
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NYMEX Futures
News
The latest news and videos published on BRENT CRUDE OIL at the time of the analysis were 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
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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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