Brent may retrace to $103.50-$104.51 after failing to break $106.26 resistance
Technical analysis: Brent failed to clear the $106.26 resistance and a short trendline. The analysis outlines key support and resistance levels to watch.
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what happened
According to a technical analysis, Brent crude may pull back into a range of $103.50-$104.51 per barrel. The reason is that prices failed to get above resistance at $106.26, which the analysis identifies as the 12.6% projection of wave c from $97.11. The contract also could not break a short downward trendline.
The analysis says this failure could be followed either by a correction into the target zone or by a continuation of the decline from $107.29. A move above $105.59 could lift prices into the $106.26-$107.34 range. On the daily chart, the analysis considers a bullish flag doubtful, since the market keeps sliding toward $102.67; the pattern would only be confirmed by a break above $105.88. A drop below $102.67 could open the way to the $94.21-$98 range.
why it matters
The levels at $102.67 and $105.88 matter most for oil traders, because whichever is broken first will determine whether the current downtrend persists or prices move back toward the upper edge of the recent range. This is a technical scenario rather than a forecast, and it does not account for supply, demand or geopolitical factors.
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prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
on the website stories appear 15 minutes after publication, in the api at once.
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