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Investing.com - Kepler’s technical analysis indicates Brent oil remains in a bearish trend that could persist until the first quarter of 2026, unless prices break above the major downtrend channel at $78.00.
The research firm notes that while May’s weakness formed a double-bottom pattern followed by a strong rally, the price failed to gather sufficient momentum to breach the downtrend channel’s upper boundary, keeping the bearish outlook intact.
Kepler identifies the market as trading within a downtrend channel range of $54.00-$78.00, with the reaction channel support at $64 serving as a pivotal level, below which the market could drop further toward the downtrend channel’s lower boundary.
The firm highlights that the brief deceleration below the ten-year moving average suggests $68.00 may function as another key pivotal level for traders watching the weekly chart.
Kepler’s analysis points to end-September as a potential timing for directional change, possibly indicating a market top, though the overall technical outlook remains bearish within the identified channel constraints.
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