Brent Crude Oil Technical Analysis – Daily Timeframe
Brent oil is in a downward channel and below the 200-day moving average.
Main Scenario:
If the price can stabilize above 80.695, we expect it to increase to the upper boundary of the downward channel, around 87.430.
Alternative Scenario:
Price could decline to 68.059 and then rise again to 79.200.
Technical Analysis of Brent Crude Oil – 4-Hour Timeframe
Price increases to the areas of 78.437 and 81.585 are likely. If the price breaks and stabilizes above 80.853, the next target for buy trades would be 83.024.
The red zones marked are valuable areas for entering sell positions.
Technical Analysis of Brent Crude Oil – 15-Minute Timeframe
The oil is in a trading range. If the upper limit of the range breaks, we expect an increase to 77.188.
If the price fails to break the upper range, we anticipate a price decline to 73.520.