$OIL Brent crude approaching massive resistance

What a recovery in the price of Brent Crude after all the madness we witnessed after the Pandemic last year! We are currently approaching the downtrend line (DT) that has been in place since the peak in 2008. This zone ($77-$80) as indicated by the red box has also been an area of horizontal resistance/support in prior years. We have the 61.8 fib retracement which connects at a similar level, so putting this all together suggests Brent crude is approaching an area where you are likely to find some resistance and short term correction in price.