Bullish Opportunity in Brent! Triple Bottom AheadHi, traders! 👏Welcome back to another technical analysis. Today, we are reviewing Brent Crude Oil on the 4-hour timeframe, and let me tell you: there is a very interesting pattern that could bring a great bullish opportunity!
First, I want you to look at this Triple Bottom pattern I’ve marked on the chart. We have three key points:
Bottom 1, Bottom 2, and Bottom 3, which form solid support around $71.535.
This pattern often indicates a potential trend reversal, and that's why I'm projecting an interesting bullish move.
Now, let's analyze the key levels:
1️⃣ Main resistance at $77.435: This level is critical. If the price manages to break through it, we can expect momentum towards my target, which I’ve marked at $80.159.
2️⃣ Intermediate support at $74.795: This is a reference level in case there are smaller pullbacks before continuing upwards.
3️⃣ Strong support at $71.535: We've already seen how the price reacted strongly in this zone, which validates its importance as solid support.
Additionally, if we look at the RSI, we see that it’s near the 65 zone but not yet overbought. This indicates there’s still room for a bullish move before potential exhaustion.
What am I waiting for? If the price breaks the $77.435, my Buy Limit🚀 is ready to go. I have a stop loss in place and am targeting the level at $81.021, a zone with good profit potential.
⚠️Disclaimer: This content is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult with a professional before making any trading decisions.
