Brent Crude Oil Technical Analysis – Daily Timeframe
Brent oil, after experiencing a significant decline last week, reached the lower of its descending channel in the daily time frame. Upon encountering the static support zone and the lower of the descending channel, it rebounded to the price level of $70. Major supply and demand zones are marked with a blue box.
Technical Analysis of Brent Crude Oil – 4-Hour Timeframe
In the 4-hour time frame, oil has experienced an increase in value after breaking out from the lower of its descending channel. It encountered the demand zone in the daily time frame and, following liquidity consolidation, is currently fluctuating around the price level of $72.
Technical Analysis of Brent Crude Oil – 1-Hour Time Frame
Considering that oil has broken above the $70 upper and established a higher low, this suggests the potential onset of an upward trend. If the $73.50 resistance level is breached, we can expect to see higher price targets for oil. Should the correction continue, the $70.50 area, acting as a demand order block, could lead to a resurgence in oil prices.