Brent Crude Oil selling pressure continuation
Brent Crude Oil is showing bearish sentiment, in line with the current downtrend. Recent price action confirms a break below a key consolidation zone, adding pressure to the downside.
Key Levels:
Resistance: 6350 (former support, now resistance), 6622, 6774
Support: 5762, 5505, 5040
Bearish Outlook:
Price has broken below 6350, which was a key intraday consolidation level. If WTI sees a short-term bounce but fails to break above 6350, it could resume its downward move toward 5760, then 5505, and possibly 5040 over time.
Bullish Scenario:
If Brent Crude breaks above 6350 and closes above it on the daily chart, the bearish setup would be invalidated. This could open the door for a rally toward 6620, then 6770.
Conclusion:
The trend remains bearish below 6350. A rejection at this level would reinforce the downside bias. However, a confirmed break and daily close above 6350 would shift the outlook to bullish in the short term.
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 Oil is showing bearish sentiment, in line with the current downtrend. Recent price action confirms a break below a key consolidation zone, adding pressure to the downside.
Key Levels:
Resistance: 6350 (former support, now resistance), 6622, 6774
Support: 5762, 5505, 5040
Bearish Outlook:
Price has broken below 6350, which was a key intraday consolidation level. If WTI sees a short-term bounce but fails to break above 6350, it could resume its downward move toward 5760, then 5505, and possibly 5040 over time.
Bullish Scenario:
If Brent Crude breaks above 6350 and closes above it on the daily chart, the bearish setup would be invalidated. This could open the door for a rally toward 6620, then 6770.
Conclusion:
The trend remains bearish below 6350. A rejection at this level would reinforce the downside bias. However, a confirmed break and daily close above 6350 would shift the outlook to bullish in the short term.
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.
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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.