Brent Crude Oil (BZ=F) Forecast

Brent Crude Oil at $103.91 shows mixed technical signals. The recent sharp rally from $86.94 (8/26) to $108.75 (9/15) represents a +25% surge, indicating strong bullish momentum driven by geopolitical/supply concerns. However, the subsequent pullback to current levels suggests profit-taking and potential resistance establishment around $103-106. Volume declined significantly on the latest trading day (17.5k vs 51.6k average), indicating weakening conviction. The 20-day chart reveals a consolidation pattern after the spike, with prices oscillating between $99-108. Key technical support lies at $100.33, while resistance persists at $105-108. Macro factors (OPEC+ policies, geopolitical tensions, demand outlook) remain uncertain. Recommendation: Hold existing positions and await a decisive breakout above $108.75 (bullish) or breakdown below $100 (bearish) before initiating new trades.