Brent Crude Oil Futures (BRN1!) H4 | Resistance at 61.8% Fibonacci Retracement

Type:

Bearish Reversal

Key Levels:

Resistance: 81.80

Pivot: 78.87

Support: 76.13

Preferred Case:

Looking at the H4 chart, my overall bias for Brent crude oil futures (BRN1!) is bearish due to the price trading under the bearish Ichimoku Cloud and a descending trendline. In addition, the stochastic oscillator indicates an 'overbought' condition, similar to the signals on 1st August and 18th July. The price could reverse off the pivot and fall toward the 1st Support at 76.13.

Alternative Scenario:

Price may break above the pivot at 78.87 and rise towards the 1st Resistance level at 81.80.