Projected Price Range
The anticipated weekly price range for Brent Crude Oil is expected to fluctuate between $71.49 (Min) and $77.37 (Max).
Contended Price Levels
$74.50 – Point of Control (POC) – potential support
$73.22 - $71.49 – High Volume Node (HVN) – potential support
$77.32 - $81.62 – Low Volume Node (LVN) – potential resistance
Technical Analysis
Fibonacci Retracement & Price Movement:
The price reached the 0.5 Fibonacci retracement level in mid-January before retracing.
This level has demonstrated consistent horizontal price movement over the past six months, indicating it as a key reference point.
Volume Profile Analysis:
High Volume Node (HVN): Found between $73.22 and $71.49, indicating strong liquidity and potential support.
Low Volume Node (LVN): Between $77.32 and $81.62, which could lead to rapid price spikes if the price enters this zone.
MACD and Stochastic RSI:
Stochastic RSI (Bottom Indicator): Has shown low bearish momentum over the last two weeks and appears poised for an upward crossover, signalling potential price growth.
MACD (Top Indicator): Remains in the negative region, with a few weeks left before a possible crossover, implying continued caution for bullish sentiment.
Additional Factors
Support & Resistance Considerations:
Point of Control (POC) and HVN are close to the current price, reinforcing these as key support zones.
The price is currently resting on a previous resistance level that has now turned into support.
The black rectangle above the price highlights the LVN region, where rapid price movements could occur.
The white rectangle represents a large support zone, which may contribute to horizontal price movement.
Geopolitical & Market Sentiment:
As always, geopolitical events could significantly impact price fluctuations, and traders should remain alert to any market-moving developments.
Conclusion
Brent Crude Oil prices for the upcoming week are likely to remain within the projected range, given the strong support levels in the current price zone. However, any breakout downward could be swift, while an upward breakout could be accelerated due to the LVN region.
The anticipated weekly price range for Brent Crude Oil is expected to fluctuate between $71.49 (Min) and $77.37 (Max).
Contended Price Levels
$74.50 – Point of Control (POC) – potential support
$73.22 - $71.49 – High Volume Node (HVN) – potential support
$77.32 - $81.62 – Low Volume Node (LVN) – potential resistance
Technical Analysis
Fibonacci Retracement & Price Movement:
The price reached the 0.5 Fibonacci retracement level in mid-January before retracing.
This level has demonstrated consistent horizontal price movement over the past six months, indicating it as a key reference point.
Volume Profile Analysis:
High Volume Node (HVN): Found between $73.22 and $71.49, indicating strong liquidity and potential support.
Low Volume Node (LVN): Between $77.32 and $81.62, which could lead to rapid price spikes if the price enters this zone.
MACD and Stochastic RSI:
Stochastic RSI (Bottom Indicator): Has shown low bearish momentum over the last two weeks and appears poised for an upward crossover, signalling potential price growth.
MACD (Top Indicator): Remains in the negative region, with a few weeks left before a possible crossover, implying continued caution for bullish sentiment.
Additional Factors
Support & Resistance Considerations:
Point of Control (POC) and HVN are close to the current price, reinforcing these as key support zones.
The price is currently resting on a previous resistance level that has now turned into support.
The black rectangle above the price highlights the LVN region, where rapid price movements could occur.
The white rectangle represents a large support zone, which may contribute to horizontal price movement.
Geopolitical & Market Sentiment:
As always, geopolitical events could significantly impact price fluctuations, and traders should remain alert to any market-moving developments.
Conclusion
Brent Crude Oil prices for the upcoming week are likely to remain within the projected range, given the strong support levels in the current price zone. However, any breakout downward could be swift, while an upward breakout could be accelerated due to the LVN region.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.