Today Technical Analysis: Oil continues its decline with Brent falling below $77 a barrel

Brent Technical Analysis

Brent crude continues to display a clear bearish trend, with sellers maintaining firm control across all major moving averages.The moving average structure remains negative. The 5-period MA is positioned below the 10-period MA, while both remain beneath the declining 20-period MA. This bearish alignment reflects persistent downside momentum and suggests that rallies continue to be viewed as selling opportunities. Price remains compressed beneath all major moving averages, indicating a lack of buying conviction.

The immediate support level remains the recent low at $77.00. A decisive break below this level would likely trigger another wave of selling pressure and expose the $76.00 region as the next downside objective. Resistance is located around $79.50–$80.00, followed by stronger resistance near the declining 20-period moving average around $81.50. Unless Brent can reclaim and sustain trading above these levels, the broader technical outlook remains strongly bearish.

Brent 1H Chart

Source: STARTRADER app | Brent falls to $77 as it nears pre-war levels

Gold Technical Analysis

Gold remains in a medium-term recovery phase despite experiencing significant volatility during recent sessions. After forming a major low around $4,053, the metal staged a powerful rally that carried prices above $4,380. This advance established a bullish structure characterized by higher highs and higher lows, supported by a rising 20-period moving average.

However, the recent rejection from the $4,382 area triggered a sharp correction that pushed price back below the shorter-term moving averages. The decline was aggressive and accompanied by elevated volume, suggesting profit-taking and a temporary shift toward risk appetite. Despite this pullback, gold continues to trade above the key support region created by the previous breakout zone around $4,250–$4,270, which keeps the broader recovery structure intact.

The key resistance remains the recent swing high near $4,382. A break above this level would confirm renewed bullish momentum and potentially target the $4,450 region. On the downside, immediate support is located around $4,250, followed by stronger support near $4,200 and the rising 20-period moving average. As long as gold remains above these support levels, the broader recovery bias remains intact, although short-term momentum has clearly weakened following the latest correction.

Gold 1H Chart

Source: STARTRADER app | Gold faces resistance at the $4,300 level

Nasdaq Technical Analysis

The Nasdaq 100 remains in a broadly bullish structure despite the recent volatility surrounding central bank expectations and geopolitical developments.

The latest price action shows buyers attempting to regain momentum after defending support around the 29,700–29,800 area. The short-term moving averages have started turning higher again, with the 5-period MA crossing back above the 10-period MA while both remain above the 20-period MA. This alignment suggests that bullish momentum is rebuilding after the recent pullback. Price is also trading around the psychologically important 30,000 level, indicating that buyers continue to defend this key area.

The immediate resistance remains the recent swing high at 30,712. A breakout above this level would confirm continuation of the broader uptrend and potentially open the path toward 31,000. On the downside, initial support is located near 29,900 followed by stronger support around 29,650 and the rising 20-period moving average. As long as price remains above these levels, the overall outlook remains constructive with bulls retaining control.

Nasdaq 1H Chart

Source: STARTRADER app| Nasdaq recovers from yestrerday's losses and nears 30,300 resistance level

AUTHOR

Ghassan Albohtori 

Financial Market Analyst - STARTRADER

Ghassan Albohtori is a financial market analyst with experience in macroeconomics, investing, and currency trading. He conducts in-depth market research covering fundamental and technical analysis of different instruments to find major changes in market trends. Mr. Ghassan's main focus is the effects of economic data on different asset classes and how this affects prices.

Risk Disclaimer: This material is provided for informational purposes only and does not constitute a recommendation or investment advice. Trading financial instruments on margin involves substantial risk and may not be appropriate for all investors.