Crude oil technical analysis: Brent crude oil is expected to test the support level of $70.53
On Tuesday (March 18th) during the Asian session, international oil prices fluctuated slightly higher and are currently trading around $71.14 per barrel.
Reuters technical analysts pointed out on Tuesday that Brent crude oil tends to test the support level of $70.53 per barrel and is likely to fall below that level and move towards the range of $69.40 to $70.05.
After the market failed to break through the resistance level of $71.79, the signal became more complex. This failure caused the price to fall into a wedge-shaped range, which is considered a bullish pattern.
But such a large decline has raised great doubts about the possibility of this bullish trend. On the contrary, wedges are more likely to become bearish forms.
To confirm a bearish wedge, the contract must break through $70.05. Only by breaking through $71.79 can the wedge-shaped bullish trend be confirmed.
On the daily chart, the contract is facing resistance at $71.85. The current rebound may end near this resistance level or fully extend to the peak of B-wave at $77.11.
The key to the next trend mainly depends on the market performance around $71.85. Breaking through this level may open the way to the range of $73.86 to $75.10, thereby increasing the opportunity for further upward movement to $77.11.
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