Weekly Price Prediction: $78.00 (Min) and $87.50 (Max)
Projected Price Range
The anticipated weekly price range for Brent Crude Oil is expected to fluctuate between $75.62 (Min) and $81.93 (Max).
Contended Price Levels
$81.00 - $78.00 High Volume Node - potential support
$81.73 Resistance Line - potential resistance
$75.62 Support Line - potential support
Technical Analysis
Fibonacci Retracement Breakout:
The price has gone below the 0.5 Fibonacci level. This level is currently just a dollar above the blue resistance line.
Volume Profile Analysis:
High Volume Nodes (HVM):
Bottom HVM: Signifying an area of good liquidity and a potential support region. The price has stalled in this area over the last few weeks. If the price breaks downwards it could carry on.
MACD and Stochastic RSI:
Stoch RSI (Bottom Indicator): It has crossed over at the bottom and now has just about crossed over at the top. Showing overbought pressure and a potential downturn.
MACD (Top Indicator): This indicator has maintained just below the negative region and has refused to move out over the last few weeks. I don't see it going anywhere this week. I believe it will stay and we won't see a bullish signal this week from this indicator.
Additional Factors
Prior Resistance ( Top Blue Line):
Just above the Bottom HVM, a blue line represents a prior resistance level.
The blue line just crosses over the current price bar. Could be a potential resistance area as well.
Prior Support (Bottom Blue Line):
This represents a support level for the price. This may be crucial if broken as the HVM is just above it.
The blue line just crosses over the current price bar. Could be a potential support area as well.
Geopolitical Events:
Given the volatile nature of the commodities market, traders are advised to stay vigilant regarding any geopolitical events in the upcoming week, as these events can significantly impact oil prices.
Conclusion
To conclude we see the price range being between $75.62 (Min) and $81.93 (Max). This is due to the price staying within the HVM and seeing support with also a support line just below the HVM. However, there is a resistance line just above the HVM as well. These two support and resistance lines make our price range for this week. The Stoch RSI is showing a bearish sentiment so this will be crucial to watch out for. Also, something else which is crucial to watch out for is the blue line that has already crossed the current price bar. This will form new support/resistance. The MACD is effectively null this week.
The anticipated weekly price range for Brent Crude Oil is expected to fluctuate between $75.62 (Min) and $81.93 (Max).
Contended Price Levels
$81.00 - $78.00 High Volume Node - potential support
$81.73 Resistance Line - potential resistance
$75.62 Support Line - potential support
Technical Analysis
Fibonacci Retracement Breakout:
The price has gone below the 0.5 Fibonacci level. This level is currently just a dollar above the blue resistance line.
Volume Profile Analysis:
High Volume Nodes (HVM):
Bottom HVM: Signifying an area of good liquidity and a potential support region. The price has stalled in this area over the last few weeks. If the price breaks downwards it could carry on.
MACD and Stochastic RSI:
Stoch RSI (Bottom Indicator): It has crossed over at the bottom and now has just about crossed over at the top. Showing overbought pressure and a potential downturn.
MACD (Top Indicator): This indicator has maintained just below the negative region and has refused to move out over the last few weeks. I don't see it going anywhere this week. I believe it will stay and we won't see a bullish signal this week from this indicator.
Additional Factors
Prior Resistance ( Top Blue Line):
Just above the Bottom HVM, a blue line represents a prior resistance level.
The blue line just crosses over the current price bar. Could be a potential resistance area as well.
Prior Support (Bottom Blue Line):
This represents a support level for the price. This may be crucial if broken as the HVM is just above it.
The blue line just crosses over the current price bar. Could be a potential support area as well.
Geopolitical Events:
Given the volatile nature of the commodities market, traders are advised to stay vigilant regarding any geopolitical events in the upcoming week, as these events can significantly impact oil prices.
Conclusion
To conclude we see the price range being between $75.62 (Min) and $81.93 (Max). This is due to the price staying within the HVM and seeing support with also a support line just below the HVM. However, there is a resistance line just above the HVM as well. These two support and resistance lines make our price range for this week. The Stoch RSI is showing a bearish sentiment so this will be crucial to watch out for. Also, something else which is crucial to watch out for is the blue line that has already crossed the current price bar. This will form new support/resistance. The MACD is effectively null this week.
Trade closed: target reached:
Price of brent crude oil reached our low of the range and actually broke through.