Brent crude oil prices experienced a substantial decline in the previous trading session, bringing them in proximity to the critical 38.2% Fibonacci correction level at 86.75. This indicates the likelihood of further anticipated bearish correction in the upcoming period, with a potential target at 83.87 should the mentioned level be breached.
Consequently, it is expected that the intraday outlook will be marked by additional declines, keeping in mind that surpassing 88.60 could alleviate the current downward pressure and potentially lead the price to test the 90.30 level as an initial upside target.
Today’s Expected Trading Range and Trend
The anticipated trading range for the current day is projected to vary between 85.80, providing support, and 88.90, serving as a resistance level. The prevailing trend for today remains bearish, in alignment with the ongoing downward momentum affecting Brent crude oil prices.
Market participants are advised to closely monitor these developments as they formulate their strategies and positions in response to the evolving dynamics within the Brent crude oil market.
