BRENT CRUDE OIL - Daily - Technical analysis published on 01/20/2020 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Court terme:
Neutral
De fond:
Bullish
Technical indicators
11%
61%
28%
My opinion
Bullish above 61.97 USD
My targets
67.01 USD (+3.33%)
68.98 USD (+6.37%)
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 61.97 USD, traders with an aggressive trading strategy could consider a purchase. A cross of the resistance located at 67.01 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 68.98 USD as an objective. Crossing it would then enable buyers to target 70.65 USD. If the support 61.97 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.
Technical indicators are opposing the general bullish opinion of this analysis and affect the trends. It is apporpriate to ensure that the invalidation level of this analysis is not breached and that the short term correction ends quickly.
FORCE
0
10
0.2
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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
BRENT CRUDE OIL rating 64.85 USD. The price registered an increase of +0.36% on the session and was traded between 64.49 USD and 65.14 USD over the period. The price is currently at +0.56% from its lowest and -0.45% from its highest.64.49
65.14
64.85
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
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 Daily chart of BRENT CRUDE OIL indicates that the overall trend is bullish. 64.29% of the signals given by moving averages are bullish. Caution: the neutral signals currently given by short-term moving averages show us that the global trend is losing momentum. The Central Indicators scanner detects a bullish signal on moving averages that could impact this trend:
Bullish price crossover with Moving Average 50
Type : Bullish
Timeframe : Daily
In fact, 11 technical indicators on 18 studied are currently bearish. Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : Daily
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : Daily
Pivot points : price is under support 1
Type : Neutral
Timeframe : Weekly
Price is back over the pivot point
Type : Bullish
Timeframe : Daily
Price is back over the pivot point
Type : Bullish
Timeframe : Weekly
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 : Daily
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 57.69 | 60.39 | 61.97 | 64.85 | 65.05 | 67.01 | 68.98 |
| Change (%) | -11.04% | -6.88% | -4.44% | - | +0.31% | +3.33% | +6.37% |
| Change | -7.16 | -4.46 | -2.88 | - | +0.20 | +2.16 | +4.13 |
| Level | Minor | Major | Minor | - | Intermediate | Intermediate | 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 | 62.79 | 63.35 | 63.92 | 64.48 | 65.05 | 65.61 | 66.18 |
| Camarilla | 64.18 | 64.28 | 64.39 | 64.49 | 64.59 | 64.70 | 64.80 |
| Woodie | 62.80 | 63.35 | 63.93 | 64.48 | 65.06 | 65.61 | 66.19 |
| Fibonacci | 63.35 | 63.78 | 64.05 | 64.48 | 64.91 | 65.18 | 65.61 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 62.52 | 64.09 | 66.34 | 67.91 | 70.16 | 71.73 | 73.98 |
| Camarilla | 67.55 | 67.90 | 68.25 | 68.60 | 68.95 | 69.30 | 69.65 |
| Woodie | 62.87 | 64.26 | 66.69 | 68.08 | 70.51 | 71.90 | 74.33 |
| Fibonacci | 64.09 | 65.55 | 66.45 | 67.91 | 69.37 | 70.27 | 71.73 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 53.49 | 56.89 | 61.45 | 64.85 | 69.41 | 72.81 | 77.37 |
| Camarilla | 63.81 | 64.54 | 65.27 | 66.00 | 66.73 | 67.46 | 68.19 |
| Woodie | 54.06 | 57.18 | 62.02 | 65.14 | 69.98 | 73.10 | 77.94 |
| Fibonacci | 56.89 | 59.93 | 61.81 | 64.85 | 67.89 | 69.77 | 72.81 |
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): | 42.52 | |
| MACD (12,26,9): | 0.1000 | |
| Directional Movement: | 13.69 | |
| AROON (14): | -35.71 | |
| DEMA (21): | 66.04 | |
| Parabolic SAR (0,02-0,02-0,2): | 70.64 | |
| Elder Ray (13): | -1.51 | |
| Super Trend (3,10): | 69.08 | |
| Zig ZAG (10): | 64.00 | |
| VORTEX (21): | 0.9500 | |
| Stochastique (14,3,5): | 5.33 | |
| TEMA (21): | 65.33 | |
| Williams %R (14): | -94.67 | |
| Chande Momentum Oscillator (20): | -4.16 | |
| Repulse (5,40,3): | -2.7800 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | 0.1600 | |
| Courbe Coppock: | 3.84 |
| MA7: | 65.25 | |
| MA20: | 66.39 | |
| MA50: | 64.36 | |
| MA100: | 62.59 | |
| MAexp7: | 65.08 | |
| MAexp20: | 65.62 | |
| MAexp50: | 64.57 | |
| MAexp100: | 63.69 | |
| Price / MA7: | -0.61% | |
| Price / MA20: | -2.32% | |
| Price / MA50: | +0.76% | |
| Price / MA100: | +3.61% | |
| Price / MAexp7: | -0.35% | |
| Price / MAexp20: | -1.17% | |
| Price / MAexp50: | +0.43% | |
| Price / MAexp100: | +1.82% |
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:
-
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
-
Short Brent crude | Trade of the week
This member declared not having a position on this financial instrument or a related financial instrument.
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