Brent Crude OIL at Channel High — One News Could Flip Everything

Apr 6

In the past two weeks, Brent Crude OIL(USDBRO), despite escalating tensions in the Middle East between Iran, the U.S., and attacks in the region, did not meet traders’ expectations for a sharper increase. Over this period, prices moved within a gentle ascending channel, ranging between $96 and $110.

Now, an important point: given tomorrow’s significance, whether there is potential for peace between Iran and the U.S.—especially with recent comments by Trump—any agreement could have a larger impact on reducing Brent Crude OIL prices than the absence of a deal would have on raising them.

Currently, Brent Crude OIL is moving near the upper line of its ascending channel.

Also, we can see a negative regular divergence between two consecutive peaks.

From an Elliott Wave perspective, it appears Brent Crude OIL is completing a zigzag correction within the ascending channel.

I expect that Brent Crude OIL, in the next few hours, could fall to at least $105, and if news of ending the conflict emerges, we may see a sharp drop, breaking the support zone ($105-$102), and potentially falling below $90.

First Target: $105.73

Second Target: Lower line of the ascending channel

Stop Loss(SL): $115.02(Worst)

Gap: $75.72-$73.08

Points may shift as the market evolves

What is your view on Brent Crude OIL prices? Could we see a new all-time high, or should we expect a deep correction?

💡 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!

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Apr 7

Trade active

Trade was activated

Apr 8

Trade closed: target reached

Full Target Done