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Brent trades in tight range below $80 amid bearish technicals
Brent is expected to keep a bearish near-term bias while below the 200-day moving average at $80.73 and cloud base support, with $77.64 eyed as immediate support.
Brent crude is holding within a narrow consolidation for a second straight day after Tuesday’s sharp selloff, when the contract fell more than 6% for the day, but price action remains capped below the psychological $80 level.
Technical analysis points to a still-bearish daily setup, with the move described as constrained beneath the 200-day moving average at $80.73 and the base of the daily Ichimoku cloud. The report expects near-term trading to remain bearishly aligned while Brent holds below those levels, keeping pressure on support at $77.64.
The same analysis highlights two key scenarios for the next move. A sustained break lower could expose $75.28 and $74.25, while a penetration of the daily cloud would ease immediate downside risk and instead highlight higher resistance zones, including $83.73 and $86.05 to $87.22.
Geopolitics is described as the dominant driver of direction despite an optimistic note on recent US-Iran peace talks. The outlook also cites lingering caution tied to previous failures of agreements and continuing tensions following attacks on Saudi tankers in the Red Sea.
Latest closeWTI crude $91.10 ▲3.2%|Brent $103.93 ▲3.7%