Brent Oil Price Initiates Bearish Correction

by Jennifer

The recent upswing in Brent oil prices met resistance at the 96.00$ level, prompting a notable downward rebound. This decline has also led to the breach of the intraday bullish channel’s support line, clearly indicating the initiation of a bearish correction phase for the recent rally that extended from 82.00 to 96.05.

As of today, the price has commenced a substantial decline, further confirming the onset of a bearish correction. The initial target for this correction is set at 92.74.

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In the upcoming sessions, we anticipate further downside movement. However, it’s important to monitor the 94.10 level closely, as a breach of this resistance could potentially halt the current bearish pressure and trigger an attempt to resume the primary bullish trend.

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The expected trading range for today is positioned between support at 91.80 and resistance at 94.90, with a prevailing bearish outlook.

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