Brent Oil Dropped Fast| Is the Top Already In?

Mar 23

Over the past two to three weeks, the price of Brent Crude OIL(USDBRO) has risen due to the military conflict in the Middle East, surpassing $100 per barrel. Given the importance of the region for global oil supply, this price increase is understandable.

Now, the question is whether Brent Crude OIL can reach new all-time highs, or if it will correct again, dropping below $100—and even $80.

To begin with, any news about tensions in the Middle East or political statements can quickly affect oil prices. Thus, in the coming days, it’s crucial to manage your capital carefully, as the only tool we have for analysis right now, besides following the news, is technical analysis, which I will now try to help you deepen your understanding of.

In the one-hour timeframe, Brent Crude OIL successfully broke its support line and attempted to retest the resistance zone($147-$117) for a second time, but it failed to break through. Then, with the tweet from Trump a few minutes ago about negotiations with Iran, Brent Crude OIL fell by over -15%.

From an Elliott Wave theory perspective, it seems that oil has completed main wave 5, and we can expect downward corrective waves in the coming hours.

I expect that in the next few hours, Brent Crude OIL will begin to drop and at least fill the initial Gap($95.96-$92.88) downward, and if the decline continues, with more positive news on a ceasefire or further negotiations between Iran, the U.S., and Israel, we could see a classic Double Top Pattern form for Brent Crude OIL, which could lead to further declines in oil in the coming days.

First Target: Gap($95.96-$92.88)

Second Target: $88.00

Third Target: $82.00

Stop Loss(SL): $120.01(Worst)

Gap: $75.72-$73.08

Points may shift as the market evolves

What is your opinion on the Brent Crude OIL price trend this week?

💡 Please respect each other's opinions and express agreement or disagreement politely.

📌U.S. Dollar/Brent Crude OIL Analysis (USDBRO), 1-hour time frame.

🛑 Always set a Stop Loss(SL) for every position you open.

✅ This is just my idea; I’d love to see your thoughts too!

🔥 If you find it helpful, please BOOST this post and share it with your friends.

Mar 24

Trade active

Trade was activated

Apr 17

Trade closed: target reached

Target Done($88.00)

After stronger signs of a possible Iran–U.S. agreement and Iran confirming the Strait of Hormuz is open, oil dropped more than -10% and is still falling.