BRENT OIL two possible scenarios

BRENT OIL two possible scenarios

price is overall bearish making lower lows and lower highs. Moreover, Oil is trading inside our blue channel (not objective yet)

First Scenario:
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on H4: waiting for an objective break above our upper blue trendline to buy.

Second Scenario:
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meanwhile, price is still overall bearish and sitting around our upper blue trendline (which acts as minor resistance) so we will be looking for objective trend-following sell setups on lower timeframes

on M30: price formed an objective trendline in red, a double top pattern in gray, and we also have divergence on MACD

so three confluences are enough to consider sell Oil after a momentum candle close below our gray neckline.