Brent Slides 4.67% to $93.73, Testing the $93.40 Floor After Five-Day Rout

By Amara Osei

Brent crude futures closed down 4.67% at $93.73 on the daily bar, sliding from $98.32 in Friday's session and touching an intraday low of $92.80. That marks a 10.54% loss across five trading sessions, according to chart analysis published by TradingView analyst Forexupgo. It's the lowest close for the contract since August 31.

The scale of the pullback is stark when measured against the recent peak. The October 30 high printed $118.00, which puts the current price roughly $24 below that top.

What happened in the latest session?

Price dipped to $92.80 during the session, undercutting the $93.40 floor established during the previous drop, before settling just above that level. The analyst notes the daily bar was still moving when the reading was taken, which frames the move as a test rather than a confirmed break.

Two technical readings frame the damage:

• Five consecutive closes below the 50-day moving average, which sits at $104.29.
• The 21-day moving average at $107.72, sloping downward above the 50-day line.

Forexupgo's read is blunt: "A range floor being tested after a fast drop." The gap between price and both averages is wide, and the analyst warns that "any bounce has a lot of overhead supply to work through."

Which levels decide the next move?

The analysis sets out three prices that will settle whether this dip becomes a breakdown or holds as range trading.

The first is $93.40. "A daily close back under it would turn the dip into a real break," Forexupgo writes. "A close above keeps the range alive." That single bar will effectively adjudicate the range thesis.

The second is $98.32, Friday's close. The analyst calls it "first level a bounce has to reclaim." Until Brent trades back above it, any recovery stays corrective rather than a trend change.

The third is $92.80, the session low. "If it holds, buyers are defending the floor," the analysis states. "If it breaks, the next reference is lower." That breakdown scenario leaves the chart without a nearby support reference, implying an open-ended decline.

How volatile is the market right now?

The calendar offers no relief from event risk. Forexupgo reports no scheduled items on the analyst's list for the next two days, meaning price action will likely drive the tape rather than scheduled data.

The volatility itself is the risk. Oil has been moving 4% to 5% within a single session, so the analyst argues that "a rules-based plan with fixed risk matters more than any opinion on direction." At that pace, the distance between $93.40 and $92.80 — roughly 0.6% — could be covered in minutes.

What's the so-what for traders?

The setup is binary within a defined window. Hold above $92.80 and close above $93.40, and the range survives with $98.32 as the next battleground. Lose $93.40 on a daily close, and the five-session slide extends with no stated support below.

The piece closes with the analyst posing the operative question — "Floor holds or the 92.80 low breaks first?" — and carries a standard disclaimer that it is not financial advice. With two quiet calendar days ahead and 4-5% daily swings in play, the next daily close relative to $93.40 is the number to watch.

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