Trend: Overall bearish sentiment continues, in line with the dominant downtrend.
Recent Price Action: The market is in a sideways consolidation, signaling indecision after recent declines.
Key Levels
Resistance:
6700 – Main resistance and pivot level.
Above that: 6860, then 7000 – Upside targets if bullish breakout occurs.
Support:
6350 – Initial downside target.
Below that: 6180, then 6080 – Further supports on continued weakness.
Trading Scenarios
Bearish Continuation:
A failed rally near 6700 followed by rejection could lead to a move toward 6350, 6180, and 6080.
Bullish Reversal:
A daily close above 6700 would break the bearish structure, targeting 6860 and potentially 7000.
Conclusion
Brent Crude remains bearish but is currently consolidating. A rejection at 6700 supports further downside. A breakout above that level would shift sentiment to bullish. Watch 6700 as the key decision point.
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.
Recent Price Action: The market is in a sideways consolidation, signaling indecision after recent declines.
Key Levels
Resistance:
6700 – Main resistance and pivot level.
Above that: 6860, then 7000 – Upside targets if bullish breakout occurs.
Support:
6350 – Initial downside target.
Below that: 6180, then 6080 – Further supports on continued weakness.
Trading Scenarios
Bearish Continuation:
A failed rally near 6700 followed by rejection could lead to a move toward 6350, 6180, and 6080.
Bullish Reversal:
A daily close above 6700 would break the bearish structure, targeting 6860 and potentially 7000.
Conclusion
Brent Crude remains bearish but is currently consolidating. A rejection at 6700 supports further downside. A breakout above that level would shift sentiment to bullish. Watch 6700 as the key decision point.
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.