Over the past week, crude oil experienced a notable advance driven by increased demand and ultimately closed above the $70 level. This growth reflects strengthening demand and strong upward momentum, particularly during the final trading sessions of the week, when prices managed to break prior resistance levels.
Daily Timeframe – Brent crude oil (UKOIL)
Over the past week, crude oil experienced a notable advance driven by increased demand and ultimately closed above the $70 level.
This growth reflects strengthening demand and strong upward momentum, particularly during the final trading sessions of the week, when prices managed to break prior resistance levels.
Main Scenario (Higher Probability)
If demand pressure continues and the market maintains support from buyers, there is a probability of further upside toward the area above $72.637. Should price break through this level, a move toward the next zone at $77.667 in the longer term could become the subsequent objective.
Bullish Price Target:
Zone around $72.637, followed by $77.667 in the long term.
This scenario reflects continuation of the bullish trend and the potential formation of higher highs in the oil market.
Alternative Scenario (Daily – Lower Probability)
If the market comes under pressure from increased supply and existing demand is absorbed, there is a possibility of a price decline and a return below the $70 level. A move back under this threshold could signal the end of the recent rally and the beginning of a bearish corrective phase.
Bearish Price Target:
A return below $70.
In this case, crude oil may enter a deeper corrective phase and move toward lower levels.
1 Hour Timeframe – Brent oil
On the 1 hour timeframe, crude oil remains within a strong bullish structure.
After reaching the $71.82 level, price underwent a minor correction and retraced to $71.11. This pullback is considered a consolidation phase within the current uptrend.
Main Scenario (Higher Probability)
Given that price has closed above the $70 level, which acts as a key support zone, there is a probability of renewed upside in the coming week.
If buyer support continues, the next objective could be $72.82, identified as the buyer liquidity zone on the daily timeframe.
Bullish Price Target:
Zone around $72.82
Alternative Scenario (Lower Probability)
If price comes under selling pressure and fails to maintain consolidation above the $70 level, there is a possibility of a decline toward $68.61. A move back below $70 could signal weakening buying pressure and a transition toward a bearish corrective phase.
Bearish Price Target:
Zone around $68.61
In this case, the market would enter a bearish correction phase, and price may move toward lower levels.