Brent Crude - Daily - Support below at $100-$98 region. If this level cannot hold, then the commodity may break down.

Technicals

Oil had a significant rally starting Q4 last year peaking at $136.75, mainly due to the Russia Ukraine conflict, before a 30% cool off period over the following 10 days. From a technical aspect The chart shows a lack of control from either the buy or sell side with support at $99.71 and resistance above at $114.29 respectfully, with current RSI at 42 with a resistance on the RSI at 61. The chart is slightly bearish as the lack of strength on the RSI along with no support until the $100 region gives a downside bias. Towards the downside, a break of $98.71/$100.00 level, would allow for a decline towards $95 and then major trendline support at $92 (Highlighted in red). Towards the upside as mentioned we need a bounce at $98,71/$100 support zone with targets towards the swing highs at $114.29. A break above here changes the bias to bullish.