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Brent oil prices are under significant negative pressure, indicating a potential decline towards the $84.11 level. This level represents the 38.2% Fibonacci correction for the upward move from $76.95 to $88.53. A break below this level could drive prices further down to the next correctional target of $82.74.
The 50-day Exponential Moving Average (EMA50) is exerting downward pressure, reinforcing expectations of a decline. This bearish outlook will remain unless Brent oil prices rally to breach the $85.80 level and sustain above it.
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The expected trading range for today is between the support level of $83.30 and the resistance level of $86.20.
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Trend Forecast: Bearish
