Technical analysis: Brent crude oil may continue to fall to $68.32 per barrel
2025-07-11 11:23:08
During the Asian session on Friday (July 11), international oil prices fluctuated narrowly, with Brent crude currently trading around US$68.84 per barrel.
Reuters technical analysts pointed out that based on the rising trend line and forecast analysis, Brent crude oil may continue to fall to $68.32 per barrel.
The three-wave cycle that started at $66.34 has ended at $70.71. The bottom of wave B at $67.22 can be used as a target. The trend line starting at $66.34 shows that $68.32 is a realistic target.
The immediate resistance is at $68.99, above which the price could rise to the $69.41 to $69.70 range. On the daily chart, the $70.03 resistance level halted the gains and triggered a correction to $67.33.
The trend signal turned neutral after the contract failed to break above $70.03. It is unclear whether the rebound will continue. What is obvious is that the market may fall towards $67.33.
A breakout of $70.03 will confirm the continuation while a break below $67.33 will signal the continuation of the downtrend that started from $81.46.
At 11:22 Beijing time, Brent crude oil is currently trading at US$68.86 per barrel.
Reuters technical analysts pointed out that based on the rising trend line and forecast analysis, Brent crude oil may continue to fall to $68.32 per barrel.
The three-wave cycle that started at $66.34 has ended at $70.71. The bottom of wave B at $67.22 can be used as a target. The trend line starting at $66.34 shows that $68.32 is a realistic target.
The immediate resistance is at $68.99, above which the price could rise to the $69.41 to $69.70 range. On the daily chart, the $70.03 resistance level halted the gains and triggered a correction to $67.33.
The trend signal turned neutral after the contract failed to break above $70.03. It is unclear whether the rebound will continue. What is obvious is that the market may fall towards $67.33.
A breakout of $70.03 will confirm the continuation while a break below $67.33 will signal the continuation of the downtrend that started from $81.46.
At 11:22 Beijing time, Brent crude oil is currently trading at US$68.86 per barrel.
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