Brent Crude Bearish ahead of US weekly inventories data
Bearish Scenario:
Brent Crude remains in a bearish trend, with price action aligned with the prevailing longer-term downtrend. The key resistance level to watch is 71.68. If an oversold rally occurs but faces rejection at this level, the downtrend is likely to resume, targeting 69.90, followed by 69.33 and 69.00 as the next downside support levels over a longer timeframe.
Bullish Scenario:
A confirmed breakout above 71.68 and a daily close above this level would negate the bearish outlook. This could lead to further upside movement, with resistance targets at 72.20, followed by 72.67.
Conclusion:
The broader sentiment remains bearish, but 71.68 serves as the key pivot level. A rejection from this resistance would reinforce the downside bias, while a breakout above it could signal a shift toward bullish momentum. Traders should monitor price action around this level to confirm the next move.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Brent Crude remains in a bearish trend, with price action aligned with the prevailing longer-term downtrend. The key resistance level to watch is 71.68. If an oversold rally occurs but faces rejection at this level, the downtrend is likely to resume, targeting 69.90, followed by 69.33 and 69.00 as the next downside support levels over a longer timeframe.
Bullish Scenario:
A confirmed breakout above 71.68 and a daily close above this level would negate the bearish outlook. This could lead to further upside movement, with resistance targets at 72.20, followed by 72.67.
Conclusion:
The broader sentiment remains bearish, but 71.68 serves as the key pivot level. A rejection from this resistance would reinforce the downside bias, while a breakout above it could signal a shift toward bullish momentum. Traders should monitor price action around this level to confirm the next move.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.