Brent Crude Oil maintains a bullish sentiment, aligned with the prevailing uptrend. The recent price action suggests a corrective pullback toward a key support zone.
Key Level: 74.20
This level represents the previous consolidation range and now acts as a crucial support area.
Bullish Scenario: A bounce from 74.20 could see Brent resuming its upward trajectory, targeting 75.80, followed by 76.40 and 77.40 in the longer term.
Bearish Scenario: A break below 74.20 with a daily close under this level would weaken the bullish outlook, potentially leading to further declines toward 73.00 and 72.00.
Conclusion:
Brent Crude Oil remains bullish unless it loses support at 74.20. Traders should monitor this level for either a bounce or a breakdown 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.
Key Level: 74.20
This level represents the previous consolidation range and now acts as a crucial support area.
Bullish Scenario: A bounce from 74.20 could see Brent resuming its upward trajectory, targeting 75.80, followed by 76.40 and 77.40 in the longer term.
Bearish Scenario: A break below 74.20 with a daily close under this level would weaken the bullish outlook, potentially leading to further declines toward 73.00 and 72.00.
Conclusion:
Brent Crude Oil remains bullish unless it loses support at 74.20. Traders should monitor this level for either a bounce or a breakdown 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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.