Brent Crude (Spot) — Weekly Technical AnalysisBrent Crude (Spot)PEPPERSTONE:SPOTBRENTsnour# Brent Crude (Spot) — Weekly Technical Analysis: Bullish Rejection Off Multi-Year Channel Support Here is a structured, publication-ready technical analysis for **Brent Crude Spot (1W)** tailored for TradingView. --- ## **Market Overview** Brent Crude (Spot) is currently trading at **$93.94**, posting a solid gain of **+7.26% (+$6.36)** on the weekly timeframe. After a major rally that tested psychological levels near $120.00 earlier this year, price underwent a sharp correction back down toward the **$70.00 – $75.00** region. Buyers stepped in aggressively at the upper boundary of the multi-year descending channel, executing a textbook breakout-and-retest bounce. --- ## **1. Price Structure & Trendline Mechanics** * **Multi-Year Macro Resistance (Dashed Grey Line):** * Connects the major peaks from 2022 ($130.00+) through the 2026 highs ($120.00+). * Serves as the primary secular overhead ceiling, currently pointing near **$115.00 – $120.00**. * **Descending Channel Breakout & Retest:** * Price spent 2022 to early 2026 consolidating inside a descending channel (bounded by the solid green resistance line and red support line). * The explosive upward breakout in early 2026 pushed prices above **$115.00**. The subsequent sell-off retested the broken descending trendline (around **$70.00 – $72.00**) as **new support**, triggering a strong V-shape rejection candle back toward $94.00. * **Key Horizontals:** * **Critical Support Base:** `$60.00 – $62.00` (Historical structural floor). * **Immediate Support / Pivot:** `$70.00 – $75.00` (Trendline retest confluence). * **Overhead Target / Resistance:** `$100.00` (Psychological level) followed by `$118.00 – $120.00`. --- ## **2. Technical Indicators & Oscillators** * **Weekly RSI (14):** * Currently sits at **54.28** (Signal line at **53.80**). * RSI rebounded sharply off the **35.00** neutral floor and crossed back above its 14-period SMA, confirming that bullish momentum is re-igniting without being overbought. * **Weekly MACD (12, 26, 9):** * The MACD line (**0.713**) and Signal line (**3.250**) are currently undergoing a histogram contraction (**-2.537**). * The shrinking red histogram bars indicate that the recent sharp bearish correction has lost momentum, and a potential bullish crossover is brewing as price attempts to push above $100.00. * **Volume Profile:** * High-volume expansion on the rejection off the $72.00 level (**422.22K**), pointing to institutional absorption and accumulation at the retest. --- ## **3. Fibonacci & Key Price Levels** * **0.382 Fib Retracement:** ~$88.00 *(Reclaimed)* * **0.500 Fib Retracement:** ~$96.50 *(Immediate barrier)* * **0.618 Fib Retracement:** ~$105.00 *(Secondary target)* --- ## **Trade Setup & Scenario Breakdown** ### **Primary Scenario: Bullish Continuation (Breakout Retest Confirmed)** * **Bias:** Long / Bullish * **Invalidation / Stop Loss:** Below `$70.00` *(Loss of broken trendline retest)* * **Key Targets:** * **TP 1:** `$100.00` *(Psychological resistance & local pivot)* * **TP 2:** `$112.00` *(0.786 Fib level)* * **TP 3:** `$120.00` *(Macro Trendline Resistance / Recent Highs)* ### **Bearish Alternative:** A weekly close back inside the old channel (below **$70.00**) would signal a **fakeout**, opening the door for a drop back toward the macro horizontal support floor at **$60.00**. --- ## **Summary Overview** | Parameter | Technical Finding | | --- | --- | | **Current Trend** | Macro Bullish Reversal / Retest Phase | | **Key Support** | $70.00 – $72.00 | | **Key Resistance** | $100.00 / $120.00 | | **RSI Status** | 54.28 (Bullish Pivot off 35 level) | | **MACD Status** | Histogram flattening; seller exhaustion | | **Overall Outlook** | Highly favorable Risk-to-Reward for buyers targeting $100.00+ as long as $70.00 holds. |