Brent failed to hold $100. The rebound is still weak
Yesterday, Brent quickly gave up its positions after trying to stabilize above $100. The price climbed to $100.26, but then reversed and slid to $95.68.
The close was below, around $96.16. This morning, oil is trying to recover, but so far without strength: the high was only $96.85, and Brent has not yet returned above $97.
Here, it’s not the rebound itself that matters, but its quality. If the market can’t quickly get back to $97, it means buyers are not in a hurry to catch the drop.
Key levels:
$97 - the nearest area that needs to be reclaimed for a more confident recovery
$96.85 - the morning high
$95.68 - yesterday’s low
$100 / $100.26 - the level where the rise was quickly broken
The main risk now is mistaking a weak attempt at recovery for a reversal. Brent is still trading headlines tied to the Middle East, but until the market sees a real change in the situation, the impulse fades quickly.#EarningsSeason $GOOGL.US
Yesterday, Brent quickly gave up its positions after trying to stabilize above $100. The price climbed to $100.26, but then reversed and slid to $95.68.
The close was below, around $96.16. This morning, oil is trying to recover, but so far without strength: the high was only $96.85, and Brent has not yet returned above $97.
Here, it’s not the rebound itself that matters, but its quality. If the market can’t quickly get back to $97, it means buyers are not in a hurry to catch the drop.
Key levels:
$97 - the nearest area that needs to be reclaimed for a more confident recovery
$96.85 - the morning high
$95.68 - yesterday’s low
$100 / $100.26 - the level where the rise was quickly broken
The main risk now is mistaking a weak attempt at recovery for a reversal. Brent is still trading headlines tied to the Middle East, but until the market sees a real change in the situation, the impulse fades quickly.#EarningsSeason $GOOGL.US
