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What are your thoughts on Oil?
On the daily chart of Brent Crude Oil, we are witnessing the completion of a large corrective cycle and a return to one of the most critical demand areas.
After hitting highs around $119, Brent entered a sharp downtrend. With an approximate 40% drop from the peak, the market has largely deflated the risk premium bubble caused by geopolitical tensions.
The current price zone (around $70) is exactly where Brent was trading before the escalation of tensions and geopolitical risks. The war risk premium has been almost entirely removed, and the market has returned to its previous technical equilibrium.
Price has entered a valid Demand Zone between $64 and $70
This zone shows excellent overlap with the 0.786 Fibonacci retracement, which is typically considered a deep and reliable reversal level.
Given the oversold conditions in this downtrend and the reaction at the historical demand base from before the tensions, this area is expected to act as a solid support layer.
After bottoming and consolidating in this zone, we anticipate incoming demand to push prices higher.
If you found this analysis helpful, please support it with a like and share your thoughts in the comments! Good luck with your trades!❤️
What are your thoughts on Oil?
On the daily chart of Brent Crude Oil, we are witnessing the completion of a large corrective cycle and a return to one of the most critical demand areas.
After hitting highs around $119, Brent entered a sharp downtrend. With an approximate 40% drop from the peak, the market has largely deflated the risk premium bubble caused by geopolitical tensions.
The current price zone (around $70) is exactly where Brent was trading before the escalation of tensions and geopolitical risks. The war risk premium has been almost entirely removed, and the market has returned to its previous technical equilibrium.
Price has entered a valid Demand Zone between $64 and $70
This zone shows excellent overlap with the 0.786 Fibonacci retracement, which is typically considered a deep and reliable reversal level.
Given the oversold conditions in this downtrend and the reaction at the historical demand base from before the tensions, this area is expected to act as a solid support layer.
After bottoming and consolidating in this zone, we anticipate incoming demand to push prices higher.
If you found this analysis helpful, please support it with a like and share your thoughts in the comments! Good luck with your trades!❤️
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✅MY FREE FOREX &CRYPTO SIGNALS TELEGRAM CHANNEL:
telegram.me/+1gFAIO4CJJw3NTU0
✅ MY INSTAGRAM :
instagram.com/marketanalaysis
telegram.me/+1gFAIO4CJJw3NTU0
✅ MY INSTAGRAM :
instagram.com/marketanalaysis
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมใน ข้อกำหนดการใช้งาน