Brent Crude Technical Analysis May 6 2020

Brent Oil h4 Chart

Brent crude is forming an uptrend on the 4-hour chart. The trading is near the upper border of Bollinger bands, a downward correction is observed, the indicator cloud is expanded, which indicates a likely resumption of growth in the short term after the correction is completed. The MACD histogram is in the positive area, steadily increasing volumes, the signal line crosses the body of the histogram upwards, forming a signal to open long positions. Stochastic is in the overbought zone, the oscillator lines are reversing downwards, the buy signal is losing its relevance.

brent oil d1
brent oil d1

Brent Crude Oil Daily

On the daily chart, a sideways trend remains for Brent Crude Oil. Brent is trading between the middle line and the upper border of Bollinger bands, the indicator cloud is narrowed, the sideways dynamics may remain in the medium term. The MACD histogram is in the negative area, gradually reducing volumes, the sell signal is weakening. Stochastic crosses the border of the overbought zone upwards, a signal to open long positions maintains.

Oil prices are moderately correcting downward. The main factors affecting oil prices and market remain the same. The gradual easing of social constraints and the desire of US President Donald Trump to open the American economy support investors’ hope for an increase in global oil demand. On the other hand, the market is still concerned about the possibility of a new trade war between the US and China, as the US administration continues to blame the Chinese authorities for the mistakes that contributed to the spread of the coronavirus pandemic. In the evening, the publication of the EIA report is expected, according to which oil reserves can slow down growth from 8.991 million barrels to 7.759 million barrels. A downward trend in this indicator may support the price of black gold.

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Key levels

Resistance levels: 29.90, 31.00, 32.50, 35.00.

Support levels: 28.25, 27.00, 26.00, 25.00, 24.30, 22.90.

Trading tips

Long positions may be opened from the level of 30.00 with the target at 31.00 and stop loss 29.70.


Short positions may be opened from the level of 28.00 with the target at 27.00. Stop loss is 28.30.

Implementation period: 1–3 days.

Timeframe Intraday
Recommendation BUY STOP
Entry Point 30.00
Take Profit 31.00
Stop Loss 29.70
Key Levels 22.90, 24.30, 25.00, 26.00, 27.00, 28.25, 29.90, 31.00, 32.50, 35.00
Alternative scenario
Recommendation SELL STOP
Entry Point 28.00
Take Profit 27.00
Stop Loss 28.30
Key Levels 22.90, 24.30, 25.00, 26.00, 27.00, 28.25, 29.90, 31.00, 32.50, 35.00
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