Brent oil price has experienced a notable downward rebound after testing the 81.00 level in preceding sessions. The market successfully surpassed our initial bearish target at 79.45 and is now approaching the second target situated at 77.44. The current analysis suggests the continuation of the bearish bias, aiming to breach the 77.44 level and incur additional losses on both the intraday and short-term perspectives.
Consequently, the forecast indicates the likelihood of witnessing further decline in the upcoming sessions. It is crucial to note that a breakthrough of the 81.00 level would halt the negative scenario, potentially leading the price to reverse course and initiate an upward movement.
The projected trading range for today is expected between the support level at 76.80 and the resistance level at 79.80.
The prevailing trend expectation for today remains bearish, reflecting the ongoing market dynamics.
