If you think that technical analysis is a bunch of nonsense, look here. Fighting is underway in Europe. At the same time, oil is getting cheaper. Modern warfare is very greedy for fuel. During World War II, 14 factories were operating in Germany to produce artificial hydrocarbon fuels. Although the fuel produced by such a plant is 3-4 times more expensive than gasoline produced by an oil refinery. There was not enough oil.
What do we have right now? Falling oil prices. It doesn't make sense! Of course, it can be said that armies of millions of soldiers do not move across the continent and so much fuel is not required now. In addition, a fundamental analyst may say that the market is pricing in a possible conflict freeze. But all this is just talk. Now look how technical analysis answers this question. Here is a logarithmic price chart of Brent. The timeframe is Monthly.
We've drawn a descending channel. The price moves to the chop area after the breaktrough of the channel. Highly likely, the oil price will continue to fall and come to $60. You can receive it at this level. At this level there will be a struggle. But that is another story.
This is how technical analysis answers complex questions without any reasoning or guesswork.
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