Brent oil prices encountered significant negative pressure yesterday, falling below the $81.40 level and potentially resuming the bearish trend observed on the chart. Despite this, the price has found solid support at the breached resistance level of the bearish channel, coupled with positive signals from the stochastic indicator. This suggests a possibility for recovery and the formation of a bullish wave on an intraday basis.
Given the mixed technical indicators, it is advisable to adopt a cautious stance until clearer signals emerge for the next trend direction. If prices break below $80.75, further declines could push the market towards $79.70. Conversely, if prices breach the $81.40 resistance, a recovery could ensue, targeting $82.74 and potentially extending to $84.10 in the near term.
Today’s expected trading range is between $79.20 and $82.74.
Trend Outlook: Neutral
