In recent trading sessions, the price of Brent oil experienced a notable decline, reaching the anticipated target of 82.40$. Presently, it traverses within a bearish channel, heightening the probability of surpassing this level and extending the downward trajectory in both the intraday and short-term perspectives. Analysts identify the next downside targets at 81.45$ and 80.08$.
Forecasts indicate a continued decline in forthcoming sessions, bolstered by the downward pressure exerted by the EMA50. However, the persistence of the bearish momentum hinges on the price’s ability to remain below the 84.77$ and 85.80$ levels.
For trading expectations on the day, the projected range lies between support at 81.00$ and resistance at 84.00$.
Trend Forecast: Bearish
