Weekly Price Projection for Brent Crude Oil W/C 17th April 2023
Price Range Projection:
Weekly High: ~ $86.58
Weekly Low: ~ $82.818
In the chart above, you can see the price on the 3-hour timescale, along with a fixed range volume profile.
Weekly High Projection
The fixed range volume profile (the horizontal histogram) is an indicator that can be used to show resistance and support levels. The red horizontal line in the close-up chart above indicates the point of control, which is the price level that had the most volume. As you can see, the price stalled around this point. This is where I see the weekly high.
Weekly Low Projection
I have placed the weekly low at a previous support level, which was formed from a chart pattern that had a breakout more than a month ago. This is shown with the two blue trendlines.
Weekly High: ~ $86.58
Weekly Low: ~ $82.818
In the chart above, you can see the price on the 3-hour timescale, along with a fixed range volume profile.
Weekly High Projection
The fixed range volume profile (the horizontal histogram) is an indicator that can be used to show resistance and support levels. The red horizontal line in the close-up chart above indicates the point of control, which is the price level that had the most volume. As you can see, the price stalled around this point. This is where I see the weekly high.
Weekly Low Projection
I have placed the weekly low at a previous support level, which was formed from a chart pattern that had a breakout more than a month ago. This is shown with the two blue trendlines.
