Brent Crude Oil Technical Analysis – Daily Timeframe
The Dow Jones continues to find higher levels, challenging traders who are attempting to take short positions. For the second time this week, the index reached above the 45,000 mark, and it seems the price has not yet reached overbought territory, making short trades risky.
Main Scenario:
Consider buying positions during corrections in the 43,574–43,262 range with targets at 45,455 and 47,907.
Alternative Scenario:
If the price breaks the 43,866 range, a price decline towards 42,938 and 41,878 could follow.
Technical Analysis of Brent Crude Oil – 4-Hour Timeframe
Main Scenario:
The price has reached the upper boundary of the ascending channel. If the price declines to the 43,000 area, consider buying positions with a target of 45,065.
Alternative Scenario:
A break and stabilization below the 43,000 level would lead to a further decline towards 42,938 and 42,024.
Technical Analysis of Brent Crude Oil – 15-Minute Timeframe
We expect a price decline to the 44,690 area. If the price breaks this level, further decline towards 44,205 is likely. The green areas marked on the chart represent valuable zones for buying Dow Jones.