Brent Oil Analysis – 29.Jun.2026

Brent Oil Analysis: By analyzing the #BrentOil chart on the weekly timeframe, we can see that after a long wait, the scenario we had been tracking finally played out. From the major $119 high, Brent Oil entered a heavy bearish phase over the past few weeks and eventually dropped all the way toward the $72 region.

Currently, Brent Oil is trading around $74, and the market is sitting near a very important demand area. In my view, after such a deep decline, price may now be waiting for a new fundamental catalyst to trigger the next recovery move.

The nearest demand zones are located around $70 – $72, followed by deeper support around $65 – $68. On the upside, the closest supply zones are around $75 – $78, followed by stronger resistance areas around $82 – $85 and $90 – $93.

If buyers manage to defend the current demand area, the next upside targets to monitor are $76, followed by $78, then $82 and potentially $85. However, if price fails to hold above the $70 – $72 zone, another bearish leg toward $68 and $65 could become possible.

For now, Brent Oil is at a very important decision zone. Let’s see whether the market finds a reason to start a new bullish recovery from here or continues lower.
(This Post on TradingView)

Author : Arman Shaban
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