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Brent fell hard from the 13-year long major trend line, which was no surprise. Now the price getting near another major trend line, an uptrend which started on April 2020 dip, tested in November and still holding. After the big fall, the active contract spread also declined by $0.40.
65.24 – 63.24 zone will be a key support zone for Brent. If the price is able to hold above, it may enter a slightly bullish period. But delta variant and incoming Fed tapering are still causing bearish pressures and they may continue to do so. If the support zone fails, the price may decline to Fibonacci %38,2 level, 54.21 in the incoming weeks.
