Crude oil analysis: Brent crude oil may fall to $66 per barrel
On Thursday (March 6th) during the Asian session, international oil prices fluctuated narrowly, with Brent crude oil currently trading around $69.56 per barrel.
Reuters technical analysts pointed out that the wedge-shaped downward trend line indicates that Brent crude oil may fall to $66 per barrel.
The significant drop on March 5th caused the Hammer Line on March 4th to fail. The downward trend since the high of $97.69 on September 27, 2023 has been developing within a downward wedge, which looks like part of a more bearish triangle starting from the high of $139.13 on March 2023.
When the contract falls below $66, the wedge will be confirmed, indicating a target of $52. The less pessimistic scenario is to complete a downward trend from the support level of $97.69 to $66.
The trend can be divided into five waves, indicating the completion of the wedge and a downward trend. This situation will only be considered when the market can stabilize at around $66.
On the hourly chart, oil prices briefly fell below the downtrend channel. The channel duplex display targets around $65.35, which is consistent with the reading on the daily chart.
If it breaks through $69.48, it may rise to the range of $70.13 to $70.61.
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