Oil Collapsed Below $90| But PRZ Could Change Everything

Apr 8

Brent Crude OIL(USDBRO), just as I expected in the previous idea, started to drop and hit its full target. One of the key reasons for the sharp decline in oil over the past 24 hours was the ceasefire news between Iran, the U.S., and Israel, which led oil to drop even below $90 per barrel.

Now the question is whether Brent Crude OIL can continue its decline or not, considering that until Friday—the period of talks between Iran, the U.S., and Israel—there could be many statements from politicians that influence oil prices. Thus, while no deal is signed yet, there’s a chance oil could recover upward again.

So, let’s look at Brent Crude OIL from a technical perspective.

Currently, Brent Crude OIL is moving near a heavy support zone($96-$78) and near a Potential Reversal Zone(PRZ)[$91-$87]. The likelihood that oil could form a descending channel is quite high.

I expect Brent Crude OIL, in the coming hours, to fill some of the Gap($102.67-$96.20) created due to the ceasefire news.

First Target: $99.21

Second Target: $102.17

Stop Loss(SL): $86.71(Worst)

Points may shift as the market evolves

What’s your view on Brent Crude OIL—can it return above $100, or should we expect continued oil correction?

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

📌U.S. Dollar/Brent Crude OIL Analysis (USDBRO), 4-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.

Apr 9

Trade active

Trade was activated in heavy support zone($96-$78)

Apr 13

Trade closed: target reached

Full Target Done