Oil Technical Analysis: Brent oil recovery could end below $74.40

• Brent oil recovery could fall apart if prices drop below $74.40 (ascending trendline support on the hourly chart).
• A break below $74.40 would also add credence to lower price highs and lower price lows seen in the hourly chart and would indicate the rally from the July 17 low of $71.26 has ended and the bears have taken over.

Hourly chart

Current Price: $74.56

Daily High: $75.09

Daily Low: $74.50

Trend: Bearish below $74.40

Resistance

R1: $75.26 (previous day’s high)

R2: $75.99 (July 13 high)

$3: $76.47 (July 6 low)

Support

S1: $74.40 (rising trendline support)

S2: $73.83 (Support on the hourly chart)

S3: $71.26 (recent low)