Brent oil prices have exhibited strong bearish movement in recent sessions, surpassing the initial target of $84.11 and approaching the second anticipated target at $82.74. The price is currently showing some bullish bias, influenced by positive stochastic indicators, and may test the resistance level at $84.11 before resuming its decline.
The bearish trend is expected to persist in the short term, with potential declines extending towards $81.38 if the price breaks below $82.74. Conversely, a breach above $84.11 would halt the current negative trend and could lead to a price recovery aimed at offsetting recent losses.
Today’s trading range is forecasted between a support level of $81.50 and a resistance level of $84.50.
Trend Forecast: Bearish
