Technical analysis for Brent Crude Oil is showing that after the initial leg down, the price bounced from support on the daily chart at ascending trend line and 0.618 FIB retracement and started to consolidate.
The price is consolidating in a range between 60.25 and 65.00 ahead of the OPEC meeting. If the price for UK Oil breaks below the range, below 60.25 it will continue the initial leg down and send the price toward 58.00, the 0.386 FIB retracement for the last weekly bullish run. If the price break below 58.00, it will extend the bearish daily run toward 55.00.
On the other hand, if the price of Brent Crude Oil breaks above the range, above 65.00, it will send the price toward the previous high at 71.35, and break above 71.35, it will send the price toward the 1st target of the weekly bullish wave at 75.00 – 75.25.
Review our technical analysis for Brent Crude Oil for 2021 targets.
1H chart:
Daily chart:
Weekly chart:
Monthly chart:
