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Brent oil prices are fluctuating negatively, settling below the $85.00 barrier. This movement reinforces the expectations of a continuing bearish trend in the upcoming sessions. The path seems clear to achieve our next target at $84.10, which represents the 38.2% Fibonacci correctional level for the rise from $76.95 to $88.53. Breaking this level would likely push the price directly towards $82.74.
Therefore, we suggest maintaining a bearish outlook for the upcoming period, unless the price rallies to breach $85.80 and holds with a daily close above it.
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The expected trading range for today is between $83.20 support and $86.00 resistance.
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Trend Forecast: Bearish
