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
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📊 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
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.