Brent crude prices are consolidating lower at 65.47 in a stable downtrend. The market remains steady despite U.S. diplomatic pressure on Russian energy imports. Last week’s summit between U.S. President Donald Trump and Russian President Vladimir Putin ended without major breakthroughs, but Washington temporarily eased its stance on China, India, and Brazil — key buyers of Russian hydrocarbons. In parallel, Moscow amended its decree on special economic measures in the energy sector, enabling ExxonMobil Corp. to regain its 30% stake in the Sakhalin-1 oil and gas project, previously written off at a $4.6 billion loss. This move may reopen opportunities for Western majors in the Russian market.
On Tuesday at 22:30 (GMT+2), the American Petroleum Institute (API) will release fuel inventory data, with expectations of continued builds after last week’s 1.5M barrel increase. On Thursday at 16:30 (GMT+2), the U.S. Energy Information Administration (EIA) will publish official reserves data, which previously showed a 3.036M barrel rise. Analysts anticipate another increase of at least 0.5M barrels.
Support and Resistance Levels
On the daily chart, the instrument is moving away from the support line of the ascending channel, with dynamic boundaries between 78.00–68.00, in a stable corrective wave.
Technical indicators confirm the sell signal: the Alligator’s fast EMA lines remain below the signal line, while the AO histogram forms negative corrective bars.
Resistance levels: 66.60, 70.10.
Support levels: 64.20, 59.20.
Trading Scenarios
Short positions are preferable after a breakdown below 64.20, with a target of 59.20. Stop-loss at 66.00. Timeframe: 7 days or more.
Long positions become relevant after a breakout above 66.60, targeting 70.10. Stop-loss at 65.00.
Scenario
- Timeframe: Weekly
- Recommendation: SELL STOP
- Entry Point: 64.20
- Take Profit: 59.20
- Stop Loss: 66.00
- Key Levels: 59.20, 64.20, 66.60, 70.10
Alternative Scenario
- Recommendation: BUY STOP
- Entry Point: 66.60
- Take Profit: 70.10
- Stop Loss: 65.00
- Key Levels: 59.20, 64.20, 66.60, 70.10
Forex Analyst & Educator
Sagar Dua has been associated with financial markets since his college days. He was pursuing a postgraduate degree in Commerce in 2018 when he started honing his skills at chart analysis and slowly mastered the art of fundamental principles as well as technical analysis.
Finance took him to academia and he ended up as an Assistant Professor at a public university sharing business students for one year. Eventually, Sagar passionately mentors newbie traders and investors by conducting several seminars and webinars on his expertise about the Forex market. Apart from financial acumen, motivational speaking runs in his veins to inspire people towards success in trading and finance
