BRENT CRUDE OIL - 1H - Technical analysis published on 06/08/2023 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : INVALID
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
78%
6%
17%
My opinion
Bullish above 76.56 USD
My targets
78.42 USD (+1.10%)
81.46 USD (+5.01%)
My analysis
BRENT CRUDE OIL is part of a very strong bullish trend. Traders may consider trading only long positions (at the time of purchase) as long as the price remains well above 76.56 USD. The next resistance located at 78.42 USD is the next bullish objective to be reached. A bullish break in this resistance would boost the bullish momentum. The bullish movement could then continue towards the next resistance located at 81.46 USD. After this resistance, buyers could then target 87.36 USD. With the current pattern, you will need to monitor for possible bullish 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 bullish trend. Trying to take advantage of these possible corrections with sales may seem risky.
In the very short term, the general bullish sentiment is confirmed by technical indicators. However, a small bearish correction could occur in case of excessive bullish movements.
Force
0
10
8
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This analysis was given by Rainer76. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
BRENT CRUDE OIL rating 77.57 USD. The price has increased by +0.81% since the last closing and was traded between 76.44 USD and 77.66 USD over the period. The price is currently at +1.48% from its lowest and -0.12% from its highest.76.44
77.66
77.57
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:
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of BRENT CRUDE OIL in 1H shows a strongly overall bullish trend. 89.29% of the signals given by moving averages are bullish. This strongly bullish trend is supported by the strong bullish signals given by short-term moving averages. The Central Indicators market scanner is currently detecting several bearish and bullish signals that could impact this trend:
Bullish trend reversal : Moving Average 20
Type : Bullish
Timeframe : 1 hour
Moving Average bearish crossovers : AMA20 & AMA50
Type : Bearish
Timeframe : 1 hour
The probability of a further increase is high given the direction of the technical indicators.
Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
There is also a Japanese candlestick pattern detected by Central Candlesticks that could mark the end of the current short-term trend:
Doji
Type : Neutral
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 73.34 | 75.07 | 76.56 | 77.57 | 77.61 | 78.42 | 87.36 |
| Change (%) | -5.45% | -3.22% | -1.30% | - | +0.05% | +1.10% | +12.62% |
| Change | -4.23 | -2.50 | -1.01 | - | +0.04 | +0.85 | +9.79 |
| Level | Minor | Intermediate | Intermediate | - | Intermediate | Major | Intermediate |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 73.66 | 74.58 | 75.77 | 76.69 | 77.88 | 78.80 | 79.99 |
| Camarilla | 76.37 | 76.56 | 76.76 | 76.95 | 77.14 | 77.34 | 77.53 |
| Woodie | 73.79 | 74.65 | 75.90 | 76.76 | 78.01 | 78.87 | 80.12 |
| Fibonacci | 74.58 | 75.39 | 75.89 | 76.69 | 77.50 | 78.00 | 78.80 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 66.15 | 68.82 | 72.47 | 75.14 | 78.79 | 81.46 | 85.11 |
| Camarilla | 74.39 | 74.97 | 75.55 | 76.13 | 76.71 | 77.29 | 77.87 |
| Woodie | 66.65 | 69.07 | 72.97 | 75.39 | 79.29 | 81.71 | 85.61 |
| Fibonacci | 68.82 | 71.23 | 72.72 | 75.14 | 77.55 | 79.04 | 81.46 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 56.92 | 62.61 | 68.45 | 74.14 | 79.98 | 85.67 | 91.51 |
| Camarilla | 71.11 | 72.17 | 73.22 | 74.28 | 75.34 | 76.39 | 77.45 |
| Woodie | 56.99 | 62.65 | 68.52 | 74.18 | 80.05 | 85.71 | 91.58 |
| Fibonacci | 62.61 | 67.02 | 69.74 | 74.14 | 78.55 | 81.27 | 85.67 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 61.26 | |
| MACD (12,26,9): | 0.1700 | |
| Directional Movement: | 13.97 | |
| AROON (14): | 7.15 | |
| DEMA (21): | 77.16 | |
| Parabolic SAR (0,02-0,02-0,2): | 76.44 | |
| Elder Ray (13): | 0.42 | |
| Super Trend (3,10): | 76.36 | |
| Zig ZAG (10): | 77.53 | |
| VORTEX (21): | 1.1100 | |
| Stochastique (14,3,5): | 84.76 | |
| TEMA (21): | 77.21 | |
| Williams %R (14): | -10.66 | |
| Chande Momentum Oscillator (20): | 0.79 | |
| Repulse (5,40,3): | 0.6700 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.0300 | |
| Courbe Coppock: | 0.34 |
| MA7: | 75.78 | |
| MA20: | 75.96 | |
| MA50: | 78.88 | |
| MA100: | 80.10 | |
| MAexp7: | 77.15 | |
| MAexp20: | 76.93 | |
| MAexp50: | 76.65 | |
| MAexp100: | 76.32 | |
| Price / MA7: | +2.36% | |
| Price / MA20: | +2.12% | |
| Price / MA50: | -1.66% | |
| Price / MA100: | -3.16% | |
| Price / MAexp7: | +0.54% | |
| Price / MAexp20: | +0.83% | |
| Price / MAexp50: | +1.20% | |
| Price / MAexp100: | +1.64% |
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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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 📉
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Pentagon On The Death Of Journalist Brent Renaud, Injury Of Fox News’ Benjamin Hall
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Brent Sadler says he’s ‘not too concerned’ about a nuclear threat from Chernobyl
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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