Today’s analysis of Brent oil prices reveals a resurgence in bearish sentiment, marking a return to the correctional bearish trajectory after the recent bounce. The price, having tested the $84.77 level in preceding sessions, has veered towards resuming its downward course, targeting $82.40 as the next anticipated negative milestone. Analysts highlight that a breach of this level could propel the price towards $80.08 as the subsequent bearish target.
The presence of a double top pattern on the chart accentuates the negative impact, thereby bolstering the likelihood of the prevailing bearish trend extending into the foreseeable future. It is noted that a breakthrough of the $84.77 mark, followed by $85.80, would alleviate the current downward pressure and prompt a potential attempt by the price to reclaim its primary bullish trajectory.
Today’s trading range is anticipated within the following parameters:
- Support: $81.00
- Resistance: $85.00
The overall trend forecast remains bearish, underscoring a sustained predisposition towards further downward movements.
