Brent Crude Oil Short Setup: Break Below $72.73 for Further Down

Trade Idea:
Brent crude oil has been in a strong downtrend, with price currently consolidating near the $72.73 support level. The Fibonacci retracement suggests that price has struggled to reclaim key levels, and a breakdown below $72.73 could open the door for further downside momentum.

Entry:

Look for a confirmed break and retest of $72.73 as resistance to enter a short trade.
A strong bearish candle close below this level increases the probability of further declines.
Targets:

First target (TP1): $71.17 (1.618 Fibonacci extension)
Second target (TP2): Psychological level at $70.50
Stop Loss:

Above $73.30 (recent consolidation highs), ensuring risk-reward remains favorable.
Risk Management:

A tight stop-loss strategy is crucial to avoid potential reversals.
Adjust the stop-loss to breakeven once price reaches the first target.
Confirmation Indicators:

Increased selling volume after the breakdown.
RSI and MACD confirming bearish momentum.
This setup provides a high-probability short opportunity if Brent crude oil continues its downward trajectory, respecting technical levels.