Technical Analysis of Brent Oil (Daily Timeframe)
As expected and highlighted in last week’s analysis, Brent crude oil managed to reach the next significant resistance level of $80.195 after breaking and stabilizing above the critical $76.59 zone.
- Main Scenario: Considering the strong breakout from the range and the subsequent upward momentum, Brent crude oil could initially target $81.702, followed by $83.058, and potentially even higher levels after a slight price correction.
- Alternative Scenario: If Brent crude fails to break through the critical $80.195 zone and drops below the key support level of $75.975, it could move down towards the $74.111 range.
Technical Analysis of Brent Oil (4-Hour Timeframe)
- Main Scenario: After a brief correction and the completion of a pullback, Brent crude could move towards $81.702 and $83.058 if it successfully breaks the $80.171 resistance level.
Alternative Scenario: If the pullback is not completed and prices continue to decline below $75.975, the next target for Brent crude would be the significant $74.111 zone.
Technical Analysis of Brent Oil (15-Minute Timeframe)
- Main Scenario: If Brent crude fails to break and stabilize above the $80.171 zone, the initial targets will be $79.390 and subsequently $78.696.
- Alternative Scenario: If Brent crude breaks and stabilizes above the critical $80.171 zone, it could aim for $81.007, $81.702, and even higher levels.