Brent Crude capped at 6370 The Brent Crude continues to display a bearish outlook, in line with the prevailing downward trend. Recent price action suggests a corrective pullback, potentially setting up for another move lower if resistance holds.
Key Level: 6370
This zone, previously a consolidation area, now acts as a significant resistance level.
Bearish Scenario (rejection at 6370):
A failed test and rejection at 6370 would likely resume the bearish momentum.
Downside targets include:
6180 – Initial support
6140 – Intermediate support
6095 – Longer-term support level
Bullish Scenario (breakout above 6370):
A confirmed breakout and daily close above 6370 would invalidate the bearish setup.
In that case, potential upside resistance levels are:
6410 – First resistance
6470 – Further upside target
Conclusion
Brent Crude remains under bearish pressure, with the 6370 level acting as a key inflection point. As long as price remains below this level, the bias favours further downside. Traders should watch for price confirmation around that level to assess the next move.
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