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.
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.
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.
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.
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.
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.
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.
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