Brent Crude downtrend continuation

The Brent Crude continues to display a bearish outlook, in line with the prevailing downward trend. Recent price action suggests a corrective pullback, potentially setting up for another move lower if resistance holds.

Key Level: 6417
This zone, previously a consolidation area, now acts as a significant resistance level.

Bearish Scenario (rejection at 6417):
A failed test and rejection at 6417 would likely resume the bearish momentum.

Downside targets include:

6235 – Initial support

6177 – Intermediate support

6120 – Longer-term support level

Bullish Scenario (breakout above 6417):

A confirmed breakout and daily close above 6417 would invalidate the bearish setup.

In that case, potential upside resistance levels are:

6464 – First resistance

6530 – Further upside target

Conclusion
Brent Crude remains under bearish pressure, with the 6417 level acting as a key inflection point. As long as price remains below this level, the bias favours further downside. Traders should watch for price confirmation around that level to assess the next move.