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.
