Technical Analytics Report

Brent Crude Oil: Technical Analysis 18 Feb 2021

Brent Crude Oil, H4

The uptrend persists on the 4-hour chart. The instrument is testing the upper border of Bollinger bands for a breakout. The indicator’s cloud is expanding, which indicates the likely preservation of the upward trend in the short term. The MACD histogram is in the positive area, maintaining stable volumes and a strong signal to open long positions. Stochastic is at the border with the overbought zone, the oscillator lines are directed horizontally without forming a specific signal to enter the market.

Brent Crude Oil, D1

On the daily chart, the uptrend is still in effect. The instrument is growing along the upper border of Bollinger bands, the indicator cloud has expanded, and growth is likely to continue in the medium term. The MACD histogram is in the positive area, gradually increasing in volume. The signal line crosses the body of the histogram upwards, forming a signal to open long positions. Stochastic is in the overbought zone, maintaining a signal to open buy positions.

Key levels

  • Resistance levels: 65.55, 66.00, 66.50, 67.00.
  • Support levels: 64.50, 64.00, 63.40, 62.70, 61.80, 60.45.

Trading tips

  • Long positions may be opened from the current level with the target at 65.50 and stop loss 64.50. Implementation period: 1–3 days.
  • Short positions may be opened from the level of 64.00 with the target at 63.50 and stop loss 64.30.
Scenario
  • Timeframe: Intraday
  • Recommendation: Buy
  • Entry Point: 64.95
  • Take Profit: 65.50
  • Stop Loss: 64.50
  • Key Levels: 60.45, 61.80, 62.70, 63.40, 64.00, 64.50, 65.55, 66.00, 66.50, 67.00

Alternative scenario

  • Timeframe: Intraday
  • Recommendation: Sell Stop
  • Entry Point: 64.00
  • Take Profit: 63.50
  • Stop Loss: 64.30
  • Key Levels: 60.45, 61.80, 62.70, 63.40, 64.00, 64.50, 65.55, 66.00, 66.50, 67.00
 

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