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Technical analysis: Brent crude oil prices could fall to $68.99-$69.41 range

2025-07-10 10:54:39

During the Asian session on Thursday (July 10), international oil prices fluctuated narrowly, with Brent crude currently trading at US$70.14 per barrel.

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Brent crude is expected to fall towards the $68.99 to $69.41 range as it has broken through the $69.70 per barrel support level, Reuters technical analysts said.

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The five-wave cycle that started from $67.22 has completed can be seen from its structure, the decline from $70.71 and the bearish divergence on the hourly MACD.

The first stage of the decline extended to the bottom of wave iv near $69.85. The current stage may develop towards the bottom of wave ii near $69.10.

Even a breakout above the immediate resistance at $70.09 may not trigger a massive up move. Gains are likely to be capped at $70.51.

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The daily chart shows that the contract faces resistance at $70.03, and a break above this resistance could lead to a rise to $72.73. However, two spinning top patterns appeared between July 8 and July 9, suggesting that the contract will consolidate around this resistance level or fall to $67.33.

At 10:52 Beijing time, Brent crude oil was $70.12 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.

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