Wisdomtree Bloomberg Brent Crude Oil Etf ETF Forecast
Red day on Tuesday for Wisdomtree Bloomberg Brent Crude Oil Etf
(Updated on Jun 25, 2024)
The Wisdomtree Bloomberg Brent Crude Oil Etf ETF price fell by -0.176% on the last day (Tuesday, 25th Jun 2024) from £3,406.00 to £3,400.00. During the last trading day the ETF fluctuated 0.443% from a day low at £3,388.00 to a day high of £3,403.00. The price has risen in 6 of the last 10 days and is up by 5.99% over the past 2 weeks. Volume has increased on the last day by 39 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 thousand shares were bought and sold for approximately £5.20 million.
The ETF lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at £3,401.32 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the ETF is expected to fall -7.51% during the next 3 months and, with a 90% probability hold a price between £2,779.63 and £3,145.88 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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BRNB.L Signals & Forecast
The Wisdomtree Bloomberg Brent Crude Oil Etf ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at £3,364.57 and £3,277.50. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, June 24, 2024, and so far it has fallen -0.176%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for Wisdomtree Bloomberg Brent Crude Oil Etf ETF
Wisdomtree Bloomberg Brent Crude Oil Etf finds support from accumulated volume at £3,316.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved £15.00 between high and low, or 0.443%. For the last week, the ETF has had daily average volatility of 0.366%.
Our recommended stop-loss: £3,314.04 (-2.53%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (BRNB.L) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Wisdomtree Bloomberg Brent Crude Oil Etf to open at £3,397.00, and during the day (based on 14 day Average True Range), to move between £3,354.15 and £3,445.85, which gives a possible trading interval of +/-£45.85 (+/-1.35%) up or down from last closing price. If Wisdomtree Bloomberg Brent Crude Oil Etf takes out the full calculated possible swing range there will be an estimated 2.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £3,406.00 (0.18%) than the support at £3,316.00 (2.47%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Wisdomtree Bloomberg Brent Crude Oil Etf ETF A Buy?
Wisdomtree Bloomberg Brent Crude Oil Etf holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.284 Hold/Accumulate Unchanged
Predicted Opening Price for Wisdomtree Bloomberg Brent Crude Oil Etf of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| £3,397.00 ( 0.0882%) | £3,400.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BRNB.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3,412.00 | 0.353% |
| R2 | 3,406.27 | 0.184% |
| R1 | 3,402.73 | 0.0803% |
| Price | 3,400.00 | |
| S1 | 3,391.27 | -0.257% |
| S2 | 3,387.73 | -0.361% |
| S3 | 3,382.00 | -0.529% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3,469.50 | 2.04% |
| R2 | 3,468.00 | 2.00% |
| R1 | 3,406.00 | 0.176% |
| Price | 3,400.00 | |
| S1 | 3,316.00 | -2.47% |
| S2 | 3,122.00 | -8.18% |
| S3 | 3,061.50 | -9.96% |
FAQ
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