Brent oil price has successfully reached and surpassed our projected target at 81.00, with the daily candlestick closing below that level. This confirms the continuation of the bearish trend scenario in the upcoming trading sessions, setting the stage for additional downward targets around the 77.45 region.
Consequently, the bearish trend remains valid and active, further supported by the negative pressure exerted by the EMA50 on the price. It is important to note that breaching the 81.00 level would alleviate the current downward pressure and potentially lead to attempts to establish a bullish wave on an intraday basis.
For today’s trading session, the anticipated trading range is expected to fall between the support level at 79.00 and the resistance level at 81.90.
Overall, the expected trend for today points towards a bearish sentiment surrounding Brent oil price as it awaits further decline.
