Technical analysis: Brent crude oil may fall to the range of $63.19 to $64.61
2025-08-11 10:14:36
During the Asian session on Monday (August 11), international oil prices fluctuated narrowly, with Brent crude oil currently trading around US$66.24 per barrel.
Reuters technical analysts expect Brent crude to fall below support at $65.49 a barrel and drop into a range of $63.19 to $64.61.
The contract is in wave c, which started at $69.20 and is expected to rise to the 100% forecast level of $63.19. The support level of $65.49 triggered a short-lived rebound, which has almost reversed.
The weak rebound and reversal indicate that bearish sentiment prevails. The support at $65.49 appears vulnerable during the second attack by the bears.
Resistance is at $66.91, a break above which could propel the price to the $67.78 to $69.20 range. The daily chart shows that the contract has broken through the $67.33 support level. The contract is expected to test the next support level at $63.99, a break below which could trigger a move towards $58.60.
Projection analysis of the wave (C) from $73.64 shows a similar target of $58.51, which is the 100% level.
At 10:13 Beijing time, Brent crude oil is currently trading at US$66.20 per barrel.
Reuters technical analysts expect Brent crude to fall below support at $65.49 a barrel and drop into a range of $63.19 to $64.61.
The contract is in wave c, which started at $69.20 and is expected to rise to the 100% forecast level of $63.19. The support level of $65.49 triggered a short-lived rebound, which has almost reversed.
The weak rebound and reversal indicate that bearish sentiment prevails. The support at $65.49 appears vulnerable during the second attack by the bears.
Resistance is at $66.91, a break above which could propel the price to the $67.78 to $69.20 range. The daily chart shows that the contract has broken through the $67.33 support level. The contract is expected to test the next support level at $63.99, a break below which could trigger a move towards $58.60.
Projection analysis of the wave (C) from $73.64 shows a similar target of $58.51, which is the 100% level.
At 10:13 Beijing time, Brent crude oil is currently trading at US$66.20 per barrel.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
