Brent Crude Oil, Technical Analysis – H1
Brent crude remains highly volatile amid conflicting reports from the Iran–US confrontation, repeatedly opening and filling price gaps. Attention is focused on the $83.00 and $90.50 levels as the boundaries of the current trading range.
Brent crude continues to trade in a highly erratic manner, reacting to conflicting and rapidly shifting reports from the Iran–US confrontation while successively opening one price gap after another. The market’s consistent tendency to fill these gaps remains intact; therefore, a near-term closure of the downside gap (around $83.00) and the upside gap ($90.50) can be expected. Subsequent price action is likely to remain concentrated within this $83.00–$90.50 corridor.
Key Levels;
⬜ 1. $83.00 — downside gap fill / support
⬜ 2. $90.50 — upside gap fill / resistance
Primary Scenario:
Decline toward $83.00 followed by a sharp upward rebound.
Alternative Scenario:
Sideways consolidation within the $84.00–$86.00 range.
Analyst Commentary:
Trade only from key levels. Intra-range trading is likely to remain unpredictable.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.