ForecastCity

Brent Crude Oil - Weekly technical analysis update

Short
FX_IDC:USDBRO   U.S. DOLLAR / BRENT CRUDE OIL
Midterm forecast:
. While the price is below the resistance 46.50, beginning of downtrend is expected.
. We make sure when the support at 40 .00 breaks.
. If the resistance at 46.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
. There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08 and the peak at 46.525 on 2020-08-26, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
. The RSI support #1 at 55 is broken, so the probability of beginning of downtrend is increased.
. A peak is formed in daily chart at 46.50 on 08/25/2020, so more losses to support(s) 41.70 and minimum to Major Support ( 40 .00) is expected.
. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
. Relative strength index ( RSI ) is 35.

❤️ If you find this helpful and want more FREE forecasts in TradingView

. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!

❤️ Your Support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex trader?

Now, It's your turn!
Be sure to leave a comment let us know how do you see this opportunity and forecast.

Trade well, ❤️
ForecastCity English Support Team ❤️
HighAccurate forecast for
★36 Forex Pairs: 916.000 pips track record profit
★34 Cryptos
★Gold, Silver, Oils, Gas
★Best Profitable Trading Strategies

in 8 languages

since 2007

http://www.ForecastCity.com
★FREE Telegram http://t.me/forecastcity_com

Comments

Very nice. Thanks for sharing this update.
+1 Reply
ForecastCity yusufipek1989
@yusufipek1989, Always a pleasure!
Reply
ForecastCity yusufipek1989
@yusufipek1989, We hope you find it useful.
Reply
Brilliant explanation. Thank you.
+1 Reply
ForecastCity Kristalyn
@Kristalyn, You're most welcome!
Reply
ForecastCity Kristalyn
@Kristalyn, Now, tell us what you think of Brent?
Reply
Great update!
+1 Reply
@Sir_Ray, Thanks!
Reply
@Sir_Ray, What's your take of Brent? We'd be glad to see your idea here.
Reply
very detailed technical analysis.
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out