Brent crude oil (UKOIL) is trading near $66.26, slipping after breaking below its ascending channel support. The 50-EMA at $66.86 and 200-EMA at $67.16 now act as resistance, limiting recovery attempts. Price action shows repeated rejection near $67.18, confirming sellers’ control in the short term.
The RSI at 36 signals bearish momentum, but it’s approaching oversold territory, which could slow further declines. If Brent holds above $66.00, a bounce toward $66.59–$67.18 is possible. However, continued weakness below $66.00 risks deeper losses toward $65.73 and $65.08, with the next major support at $64.59.
Momentum is fragile, and buyers will need a decisive push above $67.18 to regain control and open the way toward higher levels.
