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Brent crude oil prices experienced a significant decline last Friday, dropping below the $81.40 level and closing the daily candlestick under this mark. This move suggests further potential for decline on an intraday and short-term basis, with the next target set at $79.70.
The bearish trend is reinforced by the bearish channel and supported by the EMA50. However, if the price fails to hold below $81.40, there could be an attempt to recover, with potential gains leading up to resistance levels at $82.35 and $82.74.
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The expected trading range for today is between $79.60 (support) and $82.50 (resistance).
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Trend Forecast: Bearish
