Technical analysis: Brent crude oil price remains neutral in range of $66.48 to $67.71
2025-07-02 09:57:39
During the Asian session on Wednesday (July 2), international oil prices fluctuated narrowly and are currently trading around US$67.13 per barrel.
Reuters technical analysts pointed out that Brent crude oil is neutral in the range of $66.48 to $67.71 per barrel. A breakout of this range could indicate future trends.
A break above $67.71 could lead to a rise to the $68.41-$68.94 range, while a break below $66.48 could open a channel to the $64.48-$65.71 range.
The contract may not break out of the range and may remain flat for another day. Assuming that the five-wave cycle from $69.05 is the last stage of the downtrend that started from $77.42, the trend will be biased to the upside.
On the daily chart, the contract appears to have broken through the critical support level of $67.33. However, the contract seems reluctant to fall towards $63.99.
Therefore, the breakout does not look very convincing. A solid daily close above $67.33 would indicate that the breakout was a false breakout.
A break below the July 1 low would mean a continuation of the downtrend to $63.99.
At 09:55 Beijing time, Brent crude oil is currently trading at US$67.13 per barrel.
Reuters technical analysts pointed out that Brent crude oil is neutral in the range of $66.48 to $67.71 per barrel. A breakout of this range could indicate future trends.
A break above $67.71 could lead to a rise to the $68.41-$68.94 range, while a break below $66.48 could open a channel to the $64.48-$65.71 range.
The contract may not break out of the range and may remain flat for another day. Assuming that the five-wave cycle from $69.05 is the last stage of the downtrend that started from $77.42, the trend will be biased to the upside.
On the daily chart, the contract appears to have broken through the critical support level of $67.33. However, the contract seems reluctant to fall towards $63.99.
Therefore, the breakout does not look very convincing. A solid daily close above $67.33 would indicate that the breakout was a false breakout.
A break below the July 1 low would mean a continuation of the downtrend to $63.99.
At 09:55 Beijing time, Brent crude oil is currently trading at US$67.13 per barrel.
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