Brent Oil Faces Intraday Resistance, Bearish Bias Suggested

by Jennifer

Brent oil experienced significant upward movement in recent sessions, surpassing the 81.00 level and settling above it. However, a noticeable intraday resistance is impeding the bullish momentum, as indicated on the chart. Additionally, clear overbought signals observed through stochastic indicators contribute to the assessment of a bearish bias for today.

Given these factors, the suggested outlook leans towards a bearish stance, with initial targets involving a break below 81.00, confirming a move towards 79.00, followed by 77.44. It is imperative to highlight that a breach above 81.80 would nullify the anticipated decline, potentially ushering in further gains in subsequent sessions.

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The expected trading range for the day is forecasted to fluctuate between the support at 79.90 and the resistance at 83.00.

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Anticipated Trend for Today: Bearish

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