The Brent Crude price action remains bearish, driven by the prevailing downtrend. Recent price movements indicate persistent selling pressure, with rallies being met with resistance.
Key Levels:
Resistance: The critical resistance level to watch is 7240, the current intraday swing high. An oversold rally toward this level followed by a bearish rejection would reinforce the downtrend.
Support: On the downside, the next key support levels are located at 6975, 6875, and 6780, marking potential targets over a longer timeframe.
Bullish Scenario: A confirmed breakout above the 7240 resistance level, accompanied by a daily close above this point, would invalidate the bearish outlook. Such a move could signal renewed buying interest, paving the way for a rally toward the 7300 resistance level, followed by 7450.
Conclusion: The sentiment remains bearish as long as the 7240 resistance holds. Traders should be cautious of oversold rallies, as they could present selling opportunities near resistance. A decisive breakout above 7240 would indicate a potential shift in sentiment, favoring further gains.
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 Levels:
Resistance: The critical resistance level to watch is 7240, the current intraday swing high. An oversold rally toward this level followed by a bearish rejection would reinforce the downtrend.
Support: On the downside, the next key support levels are located at 6975, 6875, and 6780, marking potential targets over a longer timeframe.
Bullish Scenario: A confirmed breakout above the 7240 resistance level, accompanied by a daily close above this point, would invalidate the bearish outlook. Such a move could signal renewed buying interest, paving the way for a rally toward the 7300 resistance level, followed by 7450.
Conclusion: The sentiment remains bearish as long as the 7240 resistance holds. Traders should be cautious of oversold rallies, as they could present selling opportunities near resistance. A decisive breakout above 7240 would indicate a potential shift in sentiment, favoring further gains.
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.