Brent crude futures fell below $91 on Monday, retreating to $90.64 as technical selling pressure intensified following a failed breakout above $92.40. The decline reinforced a double-top pattern on the daily chart, with the contract now testing a critical support zone between $90.00 and $92.00.
Technical indicators highlighted a bearish bias, with the 20-period simple moving average at $92.40 acting as resistance. The 200-period SMA, at $84.69, remains a key long-term support level. A break below $90.20—identified as a high-volume node—would open the door to a deeper correction toward the 38.2% Fibonacci retracement at $85.67, followed by the 200-day average.
Traders monitoring the breakdown scenario set a short entry trigger below $90.20, with a stop-loss at $91.83 and downside targets at $85.67, $84.69, and $82.00. Risk-reward ratios for this setup ranged from 2.7 to 5.0, reflecting medium confidence in the bearish continuation. Conversely, a rebound above $92.50 could stabilize prices and push toward the prior swing high at $101.20, with intermediate resistance seen at $93.74 and $94.83.
Volatility, as measured by the average true range, remained subdued at roughly 1.2% of the spot price. The latest price action was confirmed at 19:19 UTC on August 24, 2026.
