Crude oil trading analysis: Brent crude oil may fall back to $76.08
Reuters technical analysts pointed out on Wednesday (February 12) that Brent crude oil may retreat to $76.08 as it failed to break through the resistance level of $77.32 per barrel.
The resistance level has been determined as the 38.2% retracement level of the downward trend from $82.60 to $74.06. The resistance level established by the downward channel enhances the strength of that resistance level.
At least, the market may consolidate below $77.32 in the next one or two days. Breaking through this level may open the way to $78.33.
The downward trend starting at $82.63 has formed a downtrend channel, and the price's departure from this channel indicates that the downward trend has reversed.
On the daily chart, it is expected that the resistance level of $77.29 will work together with the two resistance levels on the hourly chart to prevent an increase and trigger a correction.
It should be noted that the two large bullish lines on February 10th and 11th indicate strong bullish sentiment, and the pullback triggered by the resistance level of $77.29 may be weak and short-lived.
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