Brent Oil is hovering just above critical support near 66.00, with a clear bearish structure visible across timeframes:
🔎 15m & 1h:
Price action is consolidating near the ascending support trendline drawn from early June lows. Short-term price structure shows lower highs and lower lows, suggesting continued downside pressure.
📉 4h & 1D:
The recent sell-off from above 78.00 has pushed Brent back into the lower region of the broad descending channel. Daily and 4h charts show price testing confluence between the horizontal support at ~66.00 and a long-term rising trendline. A confirmed close below this level could accelerate bearish momentum towards 64.00 or even 62.00.
⚠️ Key Levels:
• Support: 66.00, 64.00, 62.00
• Resistance: 67.00, 69.00
• Bias: Bearish – price remains in a clear downtrend unless buyers reclaim above 67.50 with strong volume.
📌 Outlook:
As long as Brent holds below 67.00 and the descending trendline caps rallies, my bias is bearish. A breakdown of 66.00 on higher timeframes would open the door for a move towards lower channel support levels. However, if buyers defend and push back above 67.50, we could see a short-term relief rally.
🔎 15m & 1h:
Price action is consolidating near the ascending support trendline drawn from early June lows. Short-term price structure shows lower highs and lower lows, suggesting continued downside pressure.
📉 4h & 1D:
The recent sell-off from above 78.00 has pushed Brent back into the lower region of the broad descending channel. Daily and 4h charts show price testing confluence between the horizontal support at ~66.00 and a long-term rising trendline. A confirmed close below this level could accelerate bearish momentum towards 64.00 or even 62.00.
⚠️ Key Levels:
• Support: 66.00, 64.00, 62.00
• Resistance: 67.00, 69.00
• Bias: Bearish – price remains in a clear downtrend unless buyers reclaim above 67.50 with strong volume.
📌 Outlook:
As long as Brent holds below 67.00 and the descending trendline caps rallies, my bias is bearish. A breakdown of 66.00 on higher timeframes would open the door for a move towards lower channel support levels. However, if buyers defend and push back above 67.50, we could see a short-term relief rally.
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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.