UKOIL (Brent Crude) Analysis: Will it continue to drop?

Hi everyone! rizqimaruf here. Today I’m looking at the Brent Crude Oil (UKOIL) 4-hour chart. Market’s been pretty wild lately, so let’s break down what’s happening from both a technical and news perspective.

(UKOIL-4H-EXEC)

The Technical Setup
Looking at the chart, I’ve spotted a few key areas:

• Supply Zone: There’s a strong rejection at the top (the red zone). Sellers are definitely defending this area.

• ​FVG (Fair Value Gap): We have an inefficiency here. Usually, price likes to come back and "fill" these gaps before continuing its move.

• ​The Plan: I’m looking for a Limit Order around 96.30. If price hits that level and rejects again, I’m targeting the lower demand zone around 82.00.

​The "Why" Behind the Move (News & Fundamentals)
Why is oil acting like this? Here’s the simple breakdown:

• Demand Worries: Global economy news is a bit mixed. If major countries (like China) slow down, they buy less oil, which pushes the price down.

• ​Interest Rates: The Fed keeping rates high makes the Dollar stronger, and since oil is priced in Dollars, it usually makes oil more expensive and slows down buying.

• ​Geopolitical Risks: Keep an eye on the news! Any tension in the Middle East can suddenly spike the price because people worry about supply being cut off.

My Take
For now, the structure looks bearish. I’ll stay patient and wait for the price to hit my entry zone.

​Disclaimer: This is just my personal view and for educational purposes only. Always do your own research before trading!