Chart of the day - OIL (30.06.2022)

In spite of a bigger-than-expected drop in US oil inventories, oil prices failed to catch a bid. A strong reversal occurred on the Brent (OIL) market yesterday in the afternoon after price failed to break above an important short-term resistance in the $115.25 area (orange circle). This zone is marked with previous price reactions, 200-period moving average (H4 interval) as well as 38.2% retracement of a recent upward impulse. A following pullback pushed the price to the support zone marked with 50% retracement and 50-period moving average in the $112 area. A break below may signal that a deeper pullback is looming. However, if bulls manage to defend this area, a right shoulder of the inverse head and shoulders pattern may be painted. If such defense is followed by a recovery move that pushes price above recent highs near 38.2% retracement, a stronger upward move may be on the cards. Potential range of an upside breakout from this pattern points to a move towards recent highs in $125 area.

Source: xStation5

12 June 2026, 4:52 PM

Oil slides 2.5% to $88 as Middle East tensions ease 📉 Is the uptrend over?

12 June 2026, 12:05 PM

Market Wrap: Inflation rises and de-escalation. Airlines recover losses.

12 June 2026, 10:06 AM

Brent crude oil deepens losses to -3% due to details of potential agreement

12 June 2026, 8:54 AM

Chart of the Day: Is this a "real" breakthrough in the oil market this time? (12.06.2026)

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