Technical Analysis of Brent Oil (Daily Timeframe)
Over the past week, Brent oil was rejected from its current level of $74.452—a level that had been highlighted in previous analysis. However, on its final trading day, the price experienced a strong plunge and returned to that level. The next move during this week will depend on the body and close of that last candle.
Primary Scenario (More Likely):
Based on the close of the last candle, it is expected that the current bottom at $74.452 will break. In this case, oil may move downward toward the range of $73 to $72.152. If this range is also broken, a further decline toward a bottom at $71.136 is anticipated, from which an upward rejection is highly probable.
Alternate Scenario (Less Likely):
If buyer pressure is strong enough to support the current level of $74.452 and push prices upward, oil could first target a ceiling at $77.356. Should this level break and stabilize above, the next target may be in the ceiling range around $82.81.
Technical Analysis of Brent Oil (4H Timeframe)
Primary Scenario:
Given the strength and momentum of the downtrend, further declines are expected. However, there is a possibility that before the decline, a corrective rally might occur, pushing prices upward to around $75.204 or $76, before ultimately moving down toward levels around $72.958 and $72.052.
Alternate Scenario:
If the upward reversal occurs with significant strength and high ATR, and oil manages to stabilize above $76, it can be assumed that an upward rejection is forming completely. In that case, the first target would be the ceiling at $77.356, with the potential for further gains thereafter.
Technical Analysis of Brent Oil (15-Minute Timeframe)
Primary Scenario:
Since oil has reached an oversold zone and has formed a significant bottom, a temporary reversal to the upside is likely. In this scenario, prices could rise to around $75.383.
Alternate Scenario:
If the selling pressure remains strong and oil continues its downward trend, it is expected that after stabilizing below the current key level of $74.452, the price could move further down toward levels around $72.958 or even lower.