Brent Oil delivered a textbook reversal last week.
After weeks of climbing within a rising channel, price printed a strong rejection wick at the upper boundary (~$79.45), then followed through with a violent sell-off, slicing through structure and breaking the channel cleanly.
🔍 Key Levels:
• Rejection High: $79.45
• Structure Break: $74.89 (former support, now resistance)
• 4H Demand Zone: $66.00–$69.00
• Daily Demand Confluence: Aligned with 4H zone
On the 1H and 23min, we’re now seeing price trying to stabilise above $69.80 — right on top of the 4H and daily zone confluence.
📉 Bias:
Currently bearish below $74.89.
A clean retest of that level could offer continuation entries.
However, price is now in a high-probability reaction zone, so intraday longs are possible if price shows strength above $70.
⛽ Watch For:
• Bullish price action around $68.50–$70.00
• Weak retracements into $72–$73 for potential short entries
• Break below $66.00 could open floodgates back toward $63 and $60.00
After weeks of climbing within a rising channel, price printed a strong rejection wick at the upper boundary (~$79.45), then followed through with a violent sell-off, slicing through structure and breaking the channel cleanly.
🔍 Key Levels:
• Rejection High: $79.45
• Structure Break: $74.89 (former support, now resistance)
• 4H Demand Zone: $66.00–$69.00
• Daily Demand Confluence: Aligned with 4H zone
On the 1H and 23min, we’re now seeing price trying to stabilise above $69.80 — right on top of the 4H and daily zone confluence.
📉 Bias:
Currently bearish below $74.89.
A clean retest of that level could offer continuation entries.
However, price is now in a high-probability reaction zone, so intraday longs are possible if price shows strength above $70.
⛽ Watch For:
• Bullish price action around $68.50–$70.00
• Weak retracements into $72–$73 for potential short entries
• Break below $66.00 could open floodgates back toward $63 and $60.00
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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.