Brent Crude Drops 12.88% in 20 Days to $89.15 Floor

Brent crude futures have lost 12.88% in 20 days, sliding from a $118.00 high on October 30 to an $89.15 low on November 10, according to chart analysis published by TradingView analyst Forexupgo. The 12 November candle opened at $92.40, up 0.99% on the day.

That is a $28.85 peak-to-trough slide in under two weeks of trading. And the technical picture says the move is not finished deciding its direction.

What happened to the price?

The decline came in distinct steps, not one uninterrupted collapse. Forexupgo's chart data lays out the sequence:

• October 30: $118.00 high — the top of the 15-day trading box.
• November 2: opened at $111.84 and closed at $104.77 — the first big step down.
• November 4: low of $93.40, close at $94.62.
• November 10: low of $89.15, close at $91.49.
• November 12: the candle opened at $92.40, +0.99% on the day. Forexupgo notes it is early and can still move.

The structure matters. Each leg down carved a lower low, and each attempted recovery stalled below the prior bounce point. Brent did not drift lower — it stepped lower.

How stretched is the price from its averages?

The numbers behind the trend are blunt. Brent now trades 13.08% below its 21-day moving average at $106.31 and 11.36% below its 50-day moving average at $104.24, per Forexupgo's analysis.

The two averages disagree on direction. The 21 MA slopes down; the 50 MA still slopes up. That divergence typically marks the moment a shorter-term trend runs ahead of, or against, a longer one — and the resolution decides the next leg.

The proof of weakness sits in the closes: all of the last five daily closes printed below the 50 MA. Bounces have failed at defined levels too. Sellers capped rallies near $98.42, the November 9 high, and $99.25, the November 5 high.

The takeaway: $104–$106 is the lid, and price has not come close to testing it.

What are the levels to watch?

Forexupgo frames three scenarios anchored to specific chart prices:

• $89.15 holds: Brent stays range-bound between that floor and $98.42.
• Close below $89.15: the $85.48 low from August 26 becomes the next reference on the chart.
• Reclaim of $98.42: the 50 MA at $104.24 and the 21 MA at $106.31 come into view.

The range itself spans $9.27 — roughly 10% of the current price — which frames how much room the market has to swing in either direction before the trend resolves.

What about calendar risk?

Forexupgo's data shows no calendar items in the next 48 hours. But the analyst flags the practical constraint plainly: oil has moved in big daily ranges lately, so a rules-based plan sizes for that. In plain words, there is no scheduled catalyst, but the volatility itself is the risk.

The analyst's closing question frames the trade: "Does 89.15 hold, or does 98.42 reject the next bounce?" Until one of those prints, the market trades the range between a November 10 floor and a November 9 ceiling — with $85.48 waiting below if the floor breaks.

Forexupgo adds the standard caveat: not financial advice.