Brent technical analysis: Eyes break above $67 with falling channel breakout

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  • Brent’s 15-minute chart shows bearish channel breakout. 
  • Immediate resistance is located at $67.14. 

Brent oil could soon challenge immediate resistance at $67.14, as the 15-minute chart is reporting an expanding descending channel breakout. 

The pattern indicates the bull breather or the temporary pullback from Thursday’s high of $67.62 has ended and the rally from lows near $63.75 seen on July 9 has resumed. 

A break above $67.14 would open the doors to $67.72. The bullish case would weaken if prices drop below support at $66.70. 

15-minute chart

Trend: Bullish

Pivot points

 

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