Brent Crude Oil Technical Analysis – Daily Timeframe
Brent has reached the bottom of a descending channel in the daily time frame. After a price increase and a Change of Character (ChoCH) around the 74.631 level, the price structure has shifted. There is a possibility of a price drop to 68.624 followed by a renewed increase toward the 76.820 area.
If the price reaches the red zones on the chart, sell positions can be considered.
Technical Analysis of Brent Crude Oil – 4-Hour Timeframe
In the 4-hour time frame, oil has the potential to increase in price toward the 73.182 area, and if this level breaks, a further rise to 76.807 is possible.
Sell positions can be considered from the red zones marked on the chart.