Primary Scenario
Currently, Brent is in a temporary downward move, which is expected to end within our green Target Zone ($81.74–$71.48). Afterward, the corrective upward trend should resume, likely pushing futures above resistance at $119.50. In contrast, WTI is already in an upward move and is expected to break through resistance at $119.48. After these respective peaks, we anticipate significant sell-offs in both contracts, targeting our blue Long-Term Entry Ranges (Brent: $42.33–$29.90 / WTI: $49.85–$27.93), where the ongoing corrections should finally conclude.
Alternative Scenario
In our alternative scenarios, prices could fall below support at $58.40 (Brent) and $54.98 (WTI) sooner, forming early correction lows in the blue Long-Term Entry Ranges (Brent: $42.33–$29.90 / WTI: $49.85–$27.93) (probability: 33%).
Long-Term Outlook
Weekly charts indicate that the current corrective upward phase should stall below resistance at $148.41 (Brent) and $130.50 (WTI), allowing the corrections to continue. After correction lows in the blue Long-Term Entry Ranges (Brent: $42.33–$29.90 / WTI: $49.85–$27.93), we expect strong advances above $148.41 (Brent) and $147.27 (WTI). Alternatively, it’s possible that oil futures have already completed their corrections and could break out directly—without new lows in the Long-Term Entry Ranges (Brent: $42.33–$29.90 / WTI: $49.85–$27.93)—above resistance at $148.41 (Brent) and $147.27 (WTI) (probability: 30%).
Currently, Brent is in a temporary downward move, which is expected to end within our green Target Zone ($81.74–$71.48). Afterward, the corrective upward trend should resume, likely pushing futures above resistance at $119.50. In contrast, WTI is already in an upward move and is expected to break through resistance at $119.48. After these respective peaks, we anticipate significant sell-offs in both contracts, targeting our blue Long-Term Entry Ranges (Brent: $42.33–$29.90 / WTI: $49.85–$27.93), where the ongoing corrections should finally conclude.
Alternative Scenario
In our alternative scenarios, prices could fall below support at $58.40 (Brent) and $54.98 (WTI) sooner, forming early correction lows in the blue Long-Term Entry Ranges (Brent: $42.33–$29.90 / WTI: $49.85–$27.93) (probability: 33%).
Long-Term Outlook
Weekly charts indicate that the current corrective upward phase should stall below resistance at $148.41 (Brent) and $130.50 (WTI), allowing the corrections to continue. After correction lows in the blue Long-Term Entry Ranges (Brent: $42.33–$29.90 / WTI: $49.85–$27.93), we expect strong advances above $148.41 (Brent) and $147.27 (WTI). Alternatively, it’s possible that oil futures have already completed their corrections and could break out directly—without new lows in the Long-Term Entry Ranges (Brent: $42.33–$29.90 / WTI: $49.85–$27.93)—above resistance at $148.41 (Brent) and $147.27 (WTI) (probability: 30%).
📊 Daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
📊 Daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.