Brent Crude Oil Technical Analysis – Daily Timeframe
Oil is fluctuating within a descending channel on the daily time frame, and over the past week, it has not experienced any new highs or lows.
Technical Analysis of Brent Crude Oil – 4-Hour Timeframe
Oil is fluctuating within a descending channel on the 4-hour time frame. After hitting the upper boundary of the channel, it has undergone a correction and is now approaching the support zone at $75 and the lower boundary of the channel. Given the strength of the downward trend, the short-term outlook for oil remains bearish. We should wait for the price’s reaction at these support levels to better assess the future direction of oil.
Technical Analysis of Brent Crude Oil – 1-Hour Time Frame
However, in this time frame, oil is fluctuating within a descending channel, and the confluence of the demand zone and the channel’s lower boundary may lead to a rebound toward the upper boundary of the channel. It is important to note that the overall trend for oil is bearish, and short positions are likely to have a higher probability of success.