Brent Oil Price Analysis
The price of Brent oil concluded last Friday on a negative note, breaking below the support line of its bullish channel and initiating a bearish correction phase. This correction follows the recent upward movement originating from the $76.95 region, with the immediate target set at $85.80. A successful breach below this level would likely lead to a further decline towards $84.10 as the next significant downside objective.
Today’s outlook suggests a bearish bias, contingent upon maintaining the negative momentum. It is important to monitor the critical level of $87.80; a breakout above this resistance could negate the bearish scenario, potentially prompting a return to the bullish channel.
Expected Trading Range
The anticipated trading range for today is expected to fluctuate between a support level of $85.00 and a resistance level of $88.00.
Trend Forecast: Bearish
