Brent oil extends rebound after holding key support

Brent rebounds from the $70 support zone

Brent crude oil prices recently fell back towards the support area around $70 per barrel, filling the gap that had remained open since 2 March. That support zone has held, and the market has since rebounded sharply.

The move has become more forceful since the TradingView chart was captured on 13 July, with Brent extending into the mid-$80s as renewed Middle East tensions add a fresh geopolitical risk premium to energy markets. That shift means the setup is no longer simply about whether Brent can recover from support; the immediate question is now whether the rebound can hold above the first major resistance area.

Momentum signals have improved

From a technical perspective, the recent rebound has improved the short-term picture. Brent has moved back above its 20-day moving average, while the relative strength index has broken above the downtrend that had been in place after the market reached oversold territory, below 30, from late June into early July.

The 10-day moving average is also close to crossing above the 20-day moving average. If that crossover is confirmed, it would provide another indication that short-term bullish momentum is strengthening and that the recent recovery is becoming more than a routine bounce from oversold conditions.

Brent crude daily chart

Source: TradingView, 13 July 2026

Former resistance becomes the first test

The first important upside level remains the area around $82.50, where prices consolidated between 16 and 22 June. Brent has now moved back into and above that zone, so the level may become a key reference point for whether the breakout can be sustained.

If Brent can hold above $82.50, attention is likely to shift towards the lower end of the next resistance zone, around $85.50, and then towards the 50-day moving average. That average sits inside a broader resistance band extending towards roughly $94 per barrel. A sustained move through that region would make the technical recovery look significantly stronger.

Support remains the key risk level

The bullish case still depends on whether the market can sustain the momentum that appears to be building. A failure to hold above the former $82.50 resistance area would weaken the near-term breakout signal and could leave Brent vulnerable to a pullback towards the short-term moving averages.

Below that, the key support area remains around $70.50. This level dates back to late January 2026 and held firmly until the end of February. A decisive break below $70.50 would therefore signal that the recent rebound had failed and could open the door to a much steeper decline.