Brent Crude Oil is trading near $62.44, consolidating in a narrow range between $61.77 and $62.84 after failing to break above its short-term descending channel resistance. The broader trend remains bearish, with prices staying below the 50-EMA ($63.12) and 200-EMA ($65.05), reinforcing selling pressure.
A sustained move above $62.80 could signal an early breakout, targeting $63.90 and $65.30, where stronger resistance awaits. However, if sellers regain control, a drop below $61.40 could open the door toward $60.97 and $60.10.
The RSI near 46 shows mild recovery from oversold territory, suggesting limited upside unless momentum strengthens. For now, Brent remains range-bound, awaiting a decisive breakout for clearer direction.
