Brent Crude Oil Wave Analysis - 27 October 2026

Date: October 27, 2026

Analysis by: The FxPro Tech Analysis Team

Market Overview

Brent Crude Oil has recently shown a significant reversal from a strong resistance level of 113.20. This analysis suggests a bearish outlook for Brent Crude Oil, indicating a potential decline towards the support level of 106.70.

Key Points

• Brent Crude Oil reversed from the resistance zone at 113.20, which has historically acted as a barrier for price movements.
• This resistance level previously halted wave (A) in March and wave (B) at the beginning of May.
• The reversal coincided with the upper daily Bollinger Band and the resistance trendline of the daily up channel established since August.
• The current downward movement is characterized as a short-term correction within the larger impulse wave iii that began in early October.
• Given the strength of the resistance at 113.20 and the overbought conditions indicated by the daily Stochastic, further declines are anticipated.
• The next target for Brent Crude Oil is the support level at 106.70, which previously served as a strong resistance in September and halted earlier impulse wave i.

Conclusion

In summary, the technical analysis indicates a bearish sentiment for Brent Crude Oil, with expectations of a decline towards the support level of 106.70 following a reversal from the significant resistance level of 113.20. Traders should monitor these levels closely for potential trading opportunities.