Brent Oil
Brent price holds within a narrow consolidation for the second straight day, following Tuesdays massive losses (down over 6% for the day), but the action stays under psychological $80 barrier with upticks capped by 200DMA ($80.73) and the base of daily Ichimoku cloud.
Fresh bears pause despite optimistic news about the latest US-Iran peace talks, as traders remain cautious following failures of previous agreements, as well as on persisting tensions after attacks on Saudi tankers in the Red Sea.
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Technical picture on daily chart remains increasingly bearish (thick daily cloud weighs/formation of daily Tenkan/Kijun-sen bear cross/strengthening negative momentum), though markets still depend more on geopolitical developments, as currently dominant factor in creating market direction.
Near-term action is expected to remain bearishly aligned while holding below 200DMA/cloud base and pressuring immediate support at $77.64 (Fibo 76.4% of $70.13/$101.97).
Sustained break lower to expose $75.28 (July 10 trough) and $74.25 (lower 20-d Bollinger band) guarding key $70 support zone.
Alternatively, penetration of daily cloud would ease immediate downside risk and expose barriers at $83.73 (Fibo 23.6% of 101.97/$78.10 descend); $86.05/32 (daily Kijun-sen/Tuesdays spike high) and upper pivot at $87.22 (Fibo 38.2%).
Res:80.77; 83.73; 86.05; 87.22.
Sup:78.10; 77.64; 75.28; 74.25.