Brent Crude Oil will continue to fall to 63.02.

Brent Crude Oil has been on a choppy slide since the start of the summer. Strategists think that the fall of black gold is still occurring. We believe that further weakness is likely to follow because the market is still significantly below its 55-Day Moving Average and 200-Day Moving Average, which are currently at 89.01 and 100.67, respectively.

"Brent is expected to experience another downside in due course, perhaps toward the 61.8% retracement around 63.02, where we would be more confident in a more sturdy floor and the emergence of a consolidation phase."

 

The market could only stabilize and our bearish prognosis would be challenged by a move above the 200DMA and the downward trend from the peak in 2022 at 100.67/102.13.