Brent Crude Oil Technical Analysis - ranging bearish with narrow channel of 60.92 support and 69.57 resistance

W1 price is located on the primary bearish market condition with the secondary ranging within the narrow channel between 60.92 support and 69.57 resistance levels:

• weekly price is ranging between ranging between between 60.92 and 69.57 levels;
• Senkou Span A line (which is the border of Ichimoku cloud and virtual border between the primary bullish and primary bearish market condition on the chart) is located above the price and far from it which make the reversal the price movement to the bullish condition to be impossible in the near future;
• Chinkou Span line of Ichimoku indicator crossed the price for possible uptrend but in fully horizontal way which is indicating the ranging market condition or flat;
• nearest key resistance levels is 69.57;
• nearest support level is 60.92.

If W1 price will break 69.57 resistance level so the bear market rally will be started with good possibility to reversal to the bullish condition in the next weeks.
If not so the price will be ranging between 69.57 and 60.92 levels with primary bearish

• Recommendation for long: watch close W1 price to break 69.57 for possible buy trade
• Recommendation to go short: watch W1 price to break 60.92 support level for possible sell trade
  
• Trading Summary: ranging

Trend:

• H4 - correction within ranging bullish
  
• D1 - ranging
• W1 - ranging bearish
• MN1 - ranging bearish