In the realm of Brent oil trading, prices have initiated fresh negative trades as the market opens today, steadily approaching the awaited target of $82.40. Analysts suggest that surpassing this level could pave the way for further bearish correction on an intraday basis, influenced by the presence of a double top pattern visible on the chart, with the subsequent correctional target set at $80.08.
The prevailing bearish trend finds support from the downward pressure exerted by the EMA50. Maintaining levels below $84.77 and $85.80 is deemed crucial to sustain the anticipated decline.
As Brent oil prices exhibit new negative trades in today’s trading session, the focus remains on gradually approaching the anticipated target of $82.40. Analysts indicate that surpassing this threshold may trigger additional bearish correction, propelled by the presence of a double top pattern evident on the chart, with the subsequent correctional target identified at $80.08.
Consequently, the bearish trend is expected to persist, supported by the downward pressure stemming from the EMA50. It remains imperative to observe levels below $84.77 and $85.80 to uphold the projected decline.
In terms of expected trading ranges, support is established at $81.60, while resistance is positioned at $84.60. The overall trend forecast maintains a bearish outlook, in line with the current market analysis and expectations.
