Brent Oil Analysis (Daily Time Frame)
In the daily time frame, Brent oil is within a descending channel. After reaching the weekly order block, it has rejected and gained upward momentum, now moving towards the next supply zone. We expect the price to rise towards the 78.8 – 80.56 area, where a potential price reaction and decline could occur.
For buy positions, the 71.7 – 70.96 range presents an ideal entry point, as it could act as a support zone for a bullish move.
Brent Oil Analysis (4-Hour Time Frame)
Brent oil has entered the weekly order block in the 4-hour time frame and gained bullish momentum. We expect the price to rise towards the Philip zone at 78.78
In lower time frames, there’s a potential for a price retracement down to the levels of 73.44 and 74.03, which are key areas to consider for buy positions, as they may offer strong support for upward movements.