BRENT CRUDE OIL - Brent, daily - 01/05/2024 (GMT)

TA normally considers a trend to be active until there’s evidence that it has ended, so further losses seem to be possible for oil in the medium term. However, the price recently made a higher low and doesn’t show any sign of buying or selling saturation. The main dynamic resistance in the short term which might cap gains is the 50 SMA around $80, also a psychological area. A logical first target to the downside in the medium term would be around $72.50. Movement at the end of the week is likely to depend on the dollar’s reaction to the job report.