Crude oil trading analysis: Brent crude oil is expected to fall to the range of $72.91 to $73.36
Reuters technical analysts pointed out on Monday (February 17) that Brent crude oil is expected to fall below the support level of $74.08 per barrel, falling into the range of $72.91 to $73.36.
The rebound triggered by the support level of 74.08 has ended and almost reversed. This is a continuation of the rebound from the February 4th low of $74.10.
The entire rebound is in a downward triangle, which looks like a bearish continuation pattern. A drop below $74.08 will confirm the target of $72.19.
The resistance level is at $74.76, and breaking through this resistance level may push the price up to the range of $75.25 to $75.97.
The daily chart shows that the contract is retesting the support level of $74.01. Breaking below this support level may open a channel towards $71.97. The signal on the hourly chart strongly suggests that oil prices will fall below this support level.
Tips:This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement:Contact us if the content violates the law or your rights