Brent crude bounced back from $79.23 to close at $80.61, while WTI recovered toward $76.25, yet both benchmarks remain capped by resistance and a dominant downtrend. Short-term indicators show buying pressure building on both grades, but neither has cleared the levels needed to turn its broader trend bullish.
Brent crude oil bounced off recent support at $79.23 to close at $80.61. Its four-hour chart still points to a dominant downtrend, with resistance looming at $82.50. West Texas Intermediate shows a similar pattern one step lower, holding near $76.25 while a resistance band at $78.21 blocks a firmer bounce.
Brent Bounces Off $79.23 Support
A bullish engulfing candle at $79.23 signaled buyers stepping in with force, and the rebound carries some technical backing. A bullish MACD crossover and a close above the $79.50 VWAP level point to short-term buyers pressuring sellers. The RSI has climbed to 43 from oversold territory, adding to the case for short-term buyers.
The longer-term trend has not turned, however. The SuperTrend and 50-period moving average still point down, and Brent would need to reclaim roughly $85.50 to $86.30 to flip that trend bullish. Major resistance clusters at $81.50 to $82.50, where the SMA 20, SMA 200 and Ichimoku cloud converge, and an active bear flag pattern means further rallies could turn into bull traps.
WTI Faces the Same Ceiling Near $78
WTI's rebound looks similar. Price has briefly punched above the $75.58 VWAP level, but the 20/200 SMA confluence at $78.21 remains a ceiling. The SuperTrend stays firmly pointed down at $80.68.
A bullish momentum candle formed at $75.88 as the RSI rebounded from oversold conditions. A potential support base sits at $74.24. If buyers push through $78.50 on strong volume, a short squeeze toward the 61.8% Fibonacci retracement at $82.44 becomes possible, though confidence in that scenario is low.
Brent's no-trade zone spans $79.50 to $81.50. WTI's runs from $75.00 to $77.00.
A bounce off a support level does not by itself reverse a broader downtrend. Neither benchmark has cleared the resistance still capping it above.
Sources: Commodities & Futures News, Commodities & Futures News
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