Technical Analysis of Brent Oil (Daily Timeframe)
In the past week, Brent oil continued its upward trend, similar to the previous week, reaching the resistance level of $82.77. However, the price growth stalled at $80.91 during the last two trading days.
Main Scenario: Considering the breakout above the significant resistance level of $81.63, it is expected that after a brief price or time correction, the upward trend will resume. Once the price breaks and stabilizes above the $81.63 level, Brent oil could target the $86.80 area and then $88.56.
Alternative Scenario: If the price reverses downward, the first significant support at $76.04 will act as a key level. If this level is broken and confirmed below, the next support at $72.14 could be targeted.
Technical Analysis of Brent Oil (4-Hour Timeframe)
Main Scenario: If the price breaks and stabilizes above the $82.79 resistance, oil could move towards the next resistance at $86.08.
Alternative Scenario: If the price breaks and stabilizes below the $79.82 support, the price could move toward the $78.14 and $76.04 levels.
Technical Analysis of Brent Oil (15-Minute Timeframe)
Main Scenario: If the price moves upwards and breaks and stabilizes above $81.44, the next target for Brent oil will be the $82.10 area.
Alternative Scenario: If the price breaks below $80.72 and stabilizes below this level, the next target for Brent will be $79.82.