UKOIL | Brent Oil Is Waking Up Again, Is $120 About To Break?

Sep 2

By analyzing the #BrentOil chart on the weekly timeframe, we can see that after the previous analysis, Oil first corrected toward the $78 region. However, that weakness did not last very long.

As tensions between Iran and the United States increased again and both sides returned to military confrontation, buying pressure gradually came back into the Oil market. Politically, everyone keeps talking about temporary pauses and de-escalation, but price is telling a completely different story. :))

In my view, Brent is now preparing for another major bullish expansion. The most important level ahead is the previous major high around $120. If buyers manage to break and stabilize above this level, I believe the next bullish leg could become much more aggressive.

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Before reaching $120, the important upside levels I’m watching are $100, $105, $110, $115 and then the major $118 – $120 area. A clean breakout above $120 could open the way toward $125, $130 and potentially even $140 in the medium term.

On the downside, the important demand areas remain around $90 – $94, followed by $82 – $86 and the deeper $76 – $80 region.

Honestly, almost nothing feels stable in this market right now. Every time the situation looks slightly calmer, another headline changes everything again. Based on what I’m seeing on the chart, the market still looks like it is pricing more risk ahead rather than a lasting normalization.

I truly hope that interpretation is wrong from a real-world perspective, but as a trader, my job is to read what price is showing me. For now, my broader bias on Brent Oil remains bullish.

Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me !

Best Regards , Arman Shaban

Sep 3

Trade active

By analyzing the #BrentOil chart on the weekly timeframe, we can see that price is currently trading around $96 and the main scenario from the previous analysis remains fully valid.

My broader bias is still bullish. As long as buyers continue defending the current structure, the next upside targets remain $100, $105, $110, $115 and eventually $120.

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If Brent manages to break and stabilize above $120, the next major targets could be $125, $130 and potentially $140.

For now, nothing important has changed. We simply continue monitoring price action around the key levels.