Oil Technical Analysis: Brent on slippery ground after bear flag breakdown

• Brent oil witnessed a bear flag breakdown - a bearish continuation pattern - on the hourly chart a couple of hours ago. Further, the failed attempt to retake the flag will likely strengthen the bear case.
• The flag breakdown has opened the doors to $69.00 (target as per the measured move method).
• On the higher side, a break above the flag high of $72.87 will likely put the bulls back into the driver's seat.

Hourly chart

Current Price: $72.02

Daily High: $72.15

Daily Low: $71.83

Trend: Bearish

Resistance

R1: $72.49 (June 18 low)

R2: $72.84 (5-day moving average)

R3: $73.30 (10-day moving average)

Support

S1: $71.71 (Aug. 8 low)

S2: $71.26 (July 18 low)

S3: $70.00 (200-day moving average)