Wisdomtree Brent Crude Oil - Gbp Daily ETF Forecast
Wisdomtree Brent Crude Oil - Gbp Daily ETF price ended at £626.00 on Tuesday, after gaining 0.361%.
(Updated on Jun 25, 2024)
The Wisdomtree Brent Crude Oil - Gbp Daily ETF price gained 0.361% on the last trading day (Tuesday, 25th Jun 2024), rising from £623.75 to £626.00. During the last trading day the ETF fluctuated 0.400% from a day low at £625.00 to a day high of £627.50. The price has risen in 5 of the last 10 days and is up by 4.42% over the past 2 weeks. Volume fell on the last day by -168 shares and in total, 30 shares were bought and sold for approximately £18.78 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETFhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is £623.23, a level that may pose a second chance to hit a runner. According to fan-theory £683.06 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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PBRT.L Signals & Forecast
The Wisdomtree Brent Crude Oil - Gbp Daily 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 £616.86 and £605.09. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 05, 2024, and so far it has risen 9.66%. Further rise is indicated until a new top pivot has been found. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Wisdomtree Brent Crude Oil - Gbp Daily ETF
Wisdomtree Brent Crude Oil - Gbp Daily finds support from accumulated volume at £621.63 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the ETF. During the last day, the ETF moved £2.50 between high and low, or 0.400%. For the last week the ETF has had daily average volatility of 0.0960%.
Our recommended stop-loss: £605.84 (-3.22%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 48 days ago.)
Trading Expectations (PBRT.L) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Wisdomtree Brent Crude Oil - Gbp Daily Hedged to open at £626.17, and during the day (based on 14 day Average True Range), to move between £617.92 and £634.08, which gives a possible trading interval of +/-£8.08 (+/-1.29%) up or down from last closing price. If Wisdomtree Brent Crude Oil - Gbp Daily Hedged takes out the full calculated possible swing range there will be an estimated 2.58% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £621.63 (0.70%) than the resistance at £636.00 (1.60%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Wisdomtree Brent Crude Oil - Gbp Daily Hedged ETF A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.
Current score: 2.880 Buy Candidate Unchanged
Predicted Opening Price for Wisdomtree Brent Crude Oil - Gbp Daily Hedged of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| £626.17 ( 0.0266%) | £626.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PBRT.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 628.67 | 0.426% |
| R2 | 627.71 | 0.273% |
| R1 | 627.12 | 0.179% |
| Price | 626.00 | |
| S1 | 625.21 | -0.126% |
| S2 | 624.62 | -0.220% |
| S3 | 623.67 | -0.373% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 637.50 | 1.84% |
| R2 | 636.75 | 1.72% |
| R1 | 636.00 | 1.60% |
| Price | 626.00 | |
| S1 | 621.63 | -0.698% |
| S2 | 609.88 | -2.58% |
| S3 | 573.38 | -8.41% |
FAQ
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