Brent crude oil futures (LCOc1) are currently trading at $96.40 on the hourly chart, following a volatile 4.87% rise today. However, the market is tightly confined between $101.50 resistance and $93.00 support, with bullish momentum indicators countered by structural weaknesses. The current trading opportunity is in a "gray zone": risk is high, and the ultimate direction is still uncertain.
Thursday, March 11, 2026, 1:00 PM Riyadh Time
Bulls vs. Bears: Conflicting Signals
Buyers are in control... Partially: The SuperTrend indicator has turned support at $93.47, the MACD is showing increasing positive momentum (line: 1.922, above the signal: 1.792), and the price is above the Ichimoku cloud ($91.33–$96.73)—all factors that increase the likelihood of an upward move.
But the sellers didn't leave: the recent high of $101.53 formed a "lower peak" compared to the peak of $119.5, and the price is below VWAP ($98.14), with trading volumes declining—a sign of weak buyer conviction.
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