Brent Holds Elevated After Tuesday's Rise as BNP Flags $92.12 Resistance

Brent crude held at an elevated level on Tuesday after a sharp move higher, according to a technical note from BNP Paribas S.A. – Niederlassung Deutschland. Prices briefly pulled back toward $87.28 before finding renewed buying interest and recovering.

The short-term chart picture therefore remains constructive. The bank's analysts see room to the resistance zone at $92.12, which also marks the point where a longer-term downtrend line currently sits. A rejection there could bring another setback, while a break above would open the way toward $97.80.

On the downside, $87.28 is viewed as the key support. As long as Brent trades above that level, the near-term chart remains positive, the note said.

The commentary is a marketing communication from BNP Paribas aimed at private and professional clients in Germany and Austria, and is not independent investment advice.

Advertisement

BNP Paribas Technical View: Support, Resistance and the Downtrend

Where the technical trigger sits

The $92.12 level is significant because it combines a horizontal resistance zone with a longer-term downtrend line. Under BNP's chart logic, a decisive break above that zone would signal that the multi-month downward pressure has been absorbed and could extend the recovery to $97.80. Failure to break it keeps the market vulnerable to a renewed pullback toward $87.28.

Why this is a bank view, not a forecast

This note is explicitly a product and marketing communication. BNP Paribas may hold positions, hedge or act as market maker in the instruments discussed, and the commentary is not based on the individual investor's circumstances. The levels should therefore be read as a technical framework, not as a recommendation to buy or sell.

How to Read Brent's Next Leg Around $87.28 and $92.12

  • Brent's immediate upside reference is $92.12; a sustained close above it would break the longer-term downtrend identified in the BNP note and put $97.80 in focus.
  • On the downside, $87.28 is the level that must hold for the short-term constructive picture to remain intact.
  • Because this is a marketing communication, not independent research, the levels should not be read as BNP Paribas' investment advice or an invitation to trade.