Buy Brent crude with $107.60 target as it exits descending triangle

The daily fuel chart tells a story of uneasy calm. Brent crude is now treading water inside the $93–$96 range, all while quietly carving out a descending triangle—a classic pattern that whispers of a brewing storm. A series of lower highs intersects with a stubborn horizontal floor near $93, revealing that buying pressure is gradually bleeding out. The triangle's apex is set to arrive around June 16, and this is when the fog of uncertainty in the market should finally lift—one way or another.

Right now, the price is at $95.51, caught between the EMA100 ($94.35) and the EMA50 ($100.86). Think of these two moving averages as a dynamic corridor: one offers support from below, the other leans down as resistance from above. This is a perfect snapshot of today's tug‑of‑war between buyers and sellers.

But beneath the surface, several indicators show that the scales could tip toward growth. The Chaikin Oscillator is still in negative territory, yet its descent is visibly slowing right near a key support level—a telltale sign that the bearish wave may be running out of steam. Add the Stochastic Indicator to the mix: its %K (32) and %D (48) lines are drifting toward oversold ground. If we see a bullish reversal signal near $93, it would be powerful confirmation of a technical rebound in the making.

Flip over to the fundamental side, and the bullish argument looks surprisingly solid. According to JPMorgan, global fuel inventories are shrinking at a record pace, and the market could be staring down a critical supply crunch in the second half of June. In response, investors are fleeing bearish oil exchange-traded funds (ETFs)—a loud warning that the fear of a price shock is spreading as available barrels dwindle. The US‑Iran negotiations are still dragging on, and any whiff of bad news could send quotes rocketing higher, just like we saw on June 8, when crude rebounded sharply above $97–$98. And don't forget: the summer peak demand season is only getting started, and there is even more tinder stacked beneath the market.

For those ready to make a move, pay attention to the trading plan down below:

Buy Brent crude at the current price ($95.00–$95.50). Lock in profits at $101.00. Place Stop Loss at $91.50.

This forecast holds true from June 9 till June 16, 2026.