Brent Crude Oil Technical Analysis – Daily Timeframe
Last week, Brent Oil traded within the range of 73.806 – 74.821. Two scenarios exist here:
Main Scenario: If the 76.115 level is broken, there is a possibility of price increasing to 81.612.
Alternative Scenario: If the 70.286 level is broken, a decline to around 65.788 is likely.
Technical Analysis of Brent Crude Oil – 4-Hour Timeframe
In the 4-hour time frame, the oil is in a descending channel, and after hitting the ceiling of the channel, a price decline to around 69.5 is probable.
If the price drops to around 69.8, buying positions can be entered with confirmation to target prices of 75.4 and 76.5.
Technical Analysis of Brent Crude Oil – 15-Minute Timeframe
In the 15-minute time frame, if the price declines to the level of 71.937, buying positions can be considered with a target price of 74.617.