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Brent oil prices have successfully reached and exceeded the first target of $82.74. However, prices have settled below this level and are currently testing the resistance line formed at this threshold. The bearish trend remains intact as the price continues to stay below $82.74, with the bearish channel supporting a potential decline towards the next target at $81.38.
Further negative movements are anticipated in the upcoming sessions. If Brent oil prices break above $82.74, this could lead to additional gains, possibly targeting $84.10 before a subsequent decline.
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Today’s expected trading range is between $82.00 for support and $83.85 for resistance.
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Trend Forecast: Bearish
