In recent trading sessions, Brent crude oil prices have reverted to a bearish trajectory, effectively surmounting the 86.00 resistance barrier. This development serves as a confirmation of the persistent dominance of the bearish trend in the forthcoming sessions, with the pathway now clearly marked towards our primary target at 83.87.
Consequently, the bearish bias retains its validity on an intraday basis, with price movements structured within the confines of the bearish channel as illustrated on the price chart. It is important to emphasize that the continuation of the bearish wave hinges on the price’s ability to maintain stability below the 86.75 level.
For the trading day ahead, the projected trading range is anticipated to fall within the parameters of support at 84.00 and resistance at 86.90.
In light of the current market dynamics, the prevailing trend for today is unmistakably bearish.
