Brent Crude Oil Technical Analysis – Daily Timeframe
Brent oil is still within its range and has recently reached its dynamic and static support levels. Given the formation of lower highs, the probability of further decline is high.
Main Scenario: If the key support level at 70.923 is broken, the price may first reach the 69.079 zone and then 66.473.
Alternative Scenario: If the price rebounds from the current level and breaks above the 74.551 resistance, it could first reach 76.56, and after breaking that level, it could rise to the 81.686 zone.
Technical Analysis of Brent Crude Oil – 4-Hour Timeframe
Considering the last downward move and the break below the last support at 71.843, the price is more likely to continue its decline. If the key support at 70.923 is broken, the price could move towards the 69.079 zone. However, if the price reclaims the 73.210 level, it could return to the 74.551 level or higher.
Technical Analysis of Brent Crude Oil – 15-Minute Timeframe
Given the current downtrend, if the price continues to decline and breaks the last low at 71.129, the 69.079 zone will be in reach.
However, if the price rebounds and reclaims the 71.819 resistance, it could move towards 72.415 or higher.