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Brent oil price has returned to the vicinity of 88.50 following yesterday’s decline, remaining under persistent downward pressure accentuated by the EMA50. This indicates the continuation of the intraday bearish scenario, with an initial target set at 86.74.
Stochastic is approaching the overbought areas, further supporting the anticipated decline. To validate this outlook, the price should maintain its position below 90.30.
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Today’s Expected Trading Range: 86.70 – 89.80
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Today’s Trend Outlook: Bearish
