The Brent oil market displayed a sideways trajectory, characterized by attempts to break out from the current range. Despite an initial endeavor to surpass the first target at $91.30, the price surged to $92.50 before retracing downwards, testing the crucial $90.00 barrier.
Market analysis suggests a continuation of the prevailing bearish bias, with indications pointing towards a potential visit to the support line of the bullish channel, projected to range between $89.25 and $89.00.
However, a significant development could alter this scenario, as breaching the $91.50 resistance level would halt the bearish bias and potentially propel the price to resume its primary bullish wave within the bullish channel. In such an event, the target for new gains is projected to reach $93.70.
Traders are advised to operate within the expected trading range for today, which spans from support at $89.00 to resistance at $91.70.
The trend forecast maintains a bearish outlook, reflecting the persistent negative sentiment surrounding Brent oil prices. Market participants should closely monitor developments and adjust their strategies accordingly to navigate the evolving market landscape.
