Brent oil price experienced significant bearish movements in the previous session, successfully reaching our first anticipated target at 86.75. It’s worth noting that the price not only reached this level but also closed the daily session below it, reinforcing the bearish outlook. The market is now poised to aim for further declines, with the next target set at 83.87.
The prevailing bearish trend is supported by the negative pressure exerted by the EMA50 (Exponential Moving Average 50). It’s crucial to bear in mind that the bearish scenario will persist unless the price manages to consolidate above 86.75. In such a case, the market may initiate recovery attempts, potentially targeting the 88.60 level, followed by the 90.30 range.
The projected trading range for today is expected to fall between the support at 84.50 and the resistance at 87.50, indicative of the ongoing bearish sentiment.
Current Trend: Bearish
