Brent crude oil attempts a recovery from multi-week lows of $93.40 after a 15% three-day slide, though the broken $100 psychological level remains a significant hurdle for bulls.
Brent suffered a 15% drop in the past three days, including a loss of over 9% on Wednesday, and the broken $100 level is now described as strong resistance. A partial profit-taking bounce from $93.40 does not reverse the sharp bearish move, though technical supports near the 50% retracement of the $70.13/$117.43 rally may slow further declines.
The article says the rebound was driven by partial profit taking after a 15% drop in three days, while the broken $100 level is now strong resistance.
The article identifies significant technical support at the 50% retracement of the $70.13/$117.43 rally.
Brent crude oil prices edged higher in early Thursday trading, finding a temporary floor at $93.40 following a brutal 15% decline over the previous three sessions. While profit-taking provided a brief respite, the $100 level has now shifted from support to a formidable resistance barrier for the commodity.
The rebound is primarily driven by partial profit-taking following a sharp 15% drop, and the broken $100 level now acts as strong resistance, limiting upside momentum.
The article identifies significant technical support at the 50% retracement level of the $70.13 to $117.43 rally.