Brent oil technical analysis: Bounce from one-month low has taken shape of a bear flag

• Brent's 4-hour chart shows a bear flag.
• A break below $61.28 would confirm a flag breakdown.

Brent oil's recovery from one-month lows hit on Friday has taken the shape of a bear flag on the 4-hour chart.

A bear flag or an inverted flag is a continuation pattern, which usually accelerates the preceding bearish move.

A 4-hour close below the lower edge of the flag, currently at $62.78, would confirm a breakdown and create room for a sell-off to 457.00 (target as per the measured height method).

On the way lower, Brent may face strong support at the recent low of $61.28.

As of writing, a barrel of Brent oil is changing hands at $63.26. Prices hit a high of $$64.01 on Monday, having printed a low of $61.28 on Thursday, a level last seen on June 18.

4-hour chart

Trend: Bearish below $61.28

Pivot points