Crude Oil: Double Top Pattern Confirmed; Short-Term Bearish Momentum Strong
From a technical perspective, Brent crude oil has displayed a distinct "double top" reversal structure on the 4-hour chart. Previously, the price made two unsuccessful attempts—on March 7 and March 19—to break through the $119 resistance zone, subsequently initiating a high-volume decline. The current price has retreated to the vicinity of $98.54, having effectively broken below the key psychological level of $100. The Bollinger Bands indicator reveals that the price is now trading below the middle band at $104.28 and is steadily approaching the lower band support zone at $94.00.
Indicator readings show that both the DIFF and DEA lines are trending sharply downward, signaling that bearish momentum has not yet been exhausted. Over the next 2–3 trading days, the primary overhead resistance for crude oil is concentrated at $104.28 (the Bollinger Bands middle band); should the price fail to reclaim this level, it is highly probable that it will retest the strength of the support zone situated between $94.00 and $96.30.
From a technical perspective, Brent crude oil has displayed a distinct "double top" reversal structure on the 4-hour chart. Previously, the price made two unsuccessful attempts—on March 7 and March 19—to break through the $119 resistance zone, subsequently initiating a high-volume decline. The current price has retreated to the vicinity of $98.54, having effectively broken below the key psychological level of $100. The Bollinger Bands indicator reveals that the price is now trading below the middle band at $104.28 and is steadily approaching the lower band support zone at $94.00.
Indicator readings show that both the DIFF and DEA lines are trending sharply downward, signaling that bearish momentum has not yet been exhausted. Over the next 2–3 trading days, the primary overhead resistance for crude oil is concentrated at $104.28 (the Bollinger Bands middle band); should the price fail to reclaim this level, it is highly probable that it will retest the strength of the support zone situated between $94.00 and $96.30.
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Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.