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  • The Brent oil hourly chart shows a bear flag pattern, meaning the corrective rally from the July 18 low of $71.21 has likely ended.
  • Still, the bears are cautioned against being too ambitious as the 100-hour moving average (MA) is holding above the 200-hour MA, indicating the path of least resistance is to the upside.

Hourly chart

Current Price: $74.26

Daily High: $74.38

Daily Low: $74.16

Trend: Cautiously bearish


R1: $74.38 (resistance on the hourly chart)

R2: $74.83 (July 27 high resistance)

R3: $75.00 (psychological hurdle)


S1: $74.11 (support on the hourly chart)

S2: $73.96 (100-day MA)

S3: $73.27 (200-hour MA)