Technical analysis: Brent crude oil could fall back to $67.33
2025-07-15 10:33:00
In the early Asian session on Tuesday (July 15), international oil prices fluctuated narrowly and are currently trading around US$69.00 per barrel.
Reuters technical analysts pointed out that Brent crude oil may fall back to $67.33 a barrel after a false breakout of the $70.03 resistance level.
A dark cloud cover formed between July 11 and July 14, negating all bullish signs of the long white candle on July 11.
Considering that the move up from $66.34 was indeed a weak rebound, there is a good chance that the market will revisit this low.
On the hourly chart, an expanding wedge has ended. It looks like a bearish continuation pattern. The lower trendline has a target objective of $68.66.
However, the downside will not be limited to this level as the bottom of wave B at $67.22 will be the target. A move above $69.41 could lead to a rise to $69.70.
At 10:31 Beijing time, Brent crude oil is currently trading at US$69.03 per barrel.
Reuters technical analysts pointed out that Brent crude oil may fall back to $67.33 a barrel after a false breakout of the $70.03 resistance level.
A dark cloud cover formed between July 11 and July 14, negating all bullish signs of the long white candle on July 11.
Considering that the move up from $66.34 was indeed a weak rebound, there is a good chance that the market will revisit this low.
On the hourly chart, an expanding wedge has ended. It looks like a bearish continuation pattern. The lower trendline has a target objective of $68.66.
However, the downside will not be limited to this level as the bottom of wave B at $67.22 will be the target. A move above $69.41 could lead to a rise to $69.70.
At 10:31 Beijing time, Brent crude oil is currently trading at US$69.03 per barrel.
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