Brent Crude Oil Technical Analysis – Daily Timeframe
Brent crude oil, in the daily time frame, has reached its daily demand zone within a descending channel. If support is found in this area, it may be able to rebound to higher levels.
Conversely, if the demand zone is lost, we can expect selling pressure from traders.
Technical Analysis of Brent Crude Oil – 4-Hour Timeframe
Oil faced selling pressure from traders upon reaching the supply zone of $81 near the higher of the channel, following a loss of the range’s lower. Currently, it is oscillating within the daily demand zone.
If it attracts buyer interest in this area, it could potentially return to the lost range. Therefore, we should await a price reaction in this zone.