Brent Crude Oil Technical Analysis – Daily Timeframe
In the past week, Brent crude oil increased by 4.45% from the low of $71.129, reaching the first resistance level. We need to see what happens in the coming week.
- Main Scenario: If it breaks and stabilizes above the $74.570 area, the next targets will be $76.596 and then $81.683.
- Alternative Scenario: If it fails to stabilize and reverses from the current area, the first support is at $71.129. If this area is broken, the next targets will be $69.079 and then $66.473.
Technical Analysis of Brent Crude Oil – 4-Hour Timeframe
Given the creation of higher lows and highs, it is expected to break the upcoming resistance at $74.570. If this happens, the next target will be $76.596.
- If this scenario does not occur, a reversal will take place, and the price will first pass the support at $72.624. If this area is broken, it will move to the $71.129 range.
Technical Analysis of Brent Crude Oil – 15-Minute Timeframe
Given the break of the previous high at $74.478 and the creation of a new high, if Brent crude oil can break the new high at $74.739, the next price target will be $76.596.
- If it fails to break the $74.739 high, the first support will be at $73.811. If this area is broken, the next targets will be $72.624 and then $71.129.