Recent trading activity in Brent oil has been characterized by consolidation within a triangular pattern. Presently, the price has approached the critical resistance level at 91.50. This juncture warrants a degree of caution in upcoming trades. Further ascension and a breach of this level would signify a resumption of the primary bullish trend, with the potential for new gains that may commence around 93.00.
It is worth noting that the intraday outlook still favors a bearish trend as long as the price remains below 91.50. The anticipated bearish targets begin with a break below 90.50, confirming a move towards the initial correctional level at 89.25.
For today’s trading, the expected range may fluctuate between support at 89.50 and resistance at 92.30.
In summary, the current stance suggests a bearish sentiment in the short term for Brent oil, contingent on price stability below 91.50, with initial corrective objectives starting around 89.25.
