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Expected Scenario
Brent oil price continues its descent following the confirmation of the break below the $82.45 level. The path appears clear for the attainment of our next awaited target at $80.08, supported by the downward movement within the bearish channel evident on the chart. Further decline is anticipated in the forthcoming sessions.
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The negative impact of the previously completed double top pattern reinforces the bearish outlook, which remains valid unless the price stages a rally to breach the $82.45 level and sustain trading above it.
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Expected Trading Range
The anticipated trading range lies between the support level at $80.00 and the resistance level at $82.80.
Trend Forecast: Bearish
