Crude oil trading analysis: Brent crude oil continues to decline
Reuters technical analysts pointed out on Monday (February 24th) that Brent crude oil may stabilize around the support level of $74.08 per barrel and attempt to rebound slightly to $75.25 before resuming its downward trend.
Since February 6th, the consolidation above the support level has formed a wedge shape, resembling a bearish continuation pattern, which will be confirmed when the market breaks through $74.08.
This mode will indicate a target price of $72.19. Due to the support level of $74.08 being strengthened by a wedge-shaped downtrend line, there may be a slight rebound near these levels.
If it breaks through $75.25 (which seems unlikely), it will lead to a rise to the range of $95.97 to $76.56. On the daily chart, Brent crude oil may fall below the support level of $74.01.
If it falls below this support level, it will be a major victory for the bears, as they will be able to subsequently push the market down to $68.68. The target that is relatively easy to reach is $71.97.
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