Brent oil nears key technical level
Brent oil is testing an important support area around $94, leaving the market at a technical crossroads. If that level continues to hold, Brent could rebound towards the converging short-term moving averages and potentially extend higher, but a break below support would weaken the outlook materially.
Founder, Mott Capital Management
Brent is testing a key support zone
Brent is currently trading around a technical support level near $94. This area first became important on 10 March, when it acted as resistance, and it has since turned into support with the market bouncing from it several times since 25 March.
The same level also matters because it marks the 50% retracement of the initial move higher from 26 February to the intraday high on 9 March, when Brent reached $119.50. That leaves the market at an important technical inflection point.
Moving averages may shape the next move
Brent is now nearing convergence between its 10-day and 20-day exponential moving averages, which could act as a short-term bearish signal if the market remains weak. However, if support at $94 continues to hold and Brent pushes back above those converging moving averages, it could open the way for a stronger upside move.
In that scenario, Brent could move sharply higher and potentially retest the $110 area.
Source: TradingView, 15 April 2026
RSI is approaching a decisive level
The relative strength index is still trending lower, which suggests momentum has been turning more bearish. However, it is now approaching a level around 48 that has previously acted as both support and resistance.
If the relative strength index stabilises around that area, it may indicate that momentum is starting to settle and could begin to turn more constructive again.
A break below $94 would weaken the outlook
If the relative strength index breaks lower and Brent also falls below the $94 support level, that would point to a more bearish technical outcome. In that case, Brent could move down towards $90 and potentially as far as $82.
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