Brent Oil Technical Analysis: Bear flag breakdown seen in hourly chart

• The bear flag breakdown seen in the hourly chart indicates a resumption of the sell-off from the recent high of $79.48 and could yield a re-test of the recent low of $71.18.
• The bearish pattern also indicates the oil prices will likely close today below $72.50 (previous day's doji candle low), confirming a bearish doji continuation pattern.

Hourly chart

Current Price: $72.83

Daily High: $73.03

Daily Low: $72.67

Trend: Bearish

Resistance

R1: $73.76 (July 19 high)

R2: $74.47 (previous day's high)

R3: $74.76 (100-day MA)

Support

S1: $72.50 (previous day's low)

S2: $71.18 (July 18 low)

S3: $70.49 (50-day moving average)