Brent oil prices experienced a strong downward movement, breaking below the $80.65 support level and settling beneath it. This suggests a potential shift towards a bearish trend. However, technical indicators are showing positive signals, which may mitigate further losses and create a conflicting scenario.
The current technical factors suggest uncertainty, leading to a preference for a cautious approach until a clearer signal emerges. A drop below $80.00 could extend the decline towards the next support level at $78.80. Conversely, if the price rises above $80.65, it may regain a bullish trend and aim for gains up to $82.15 in the near term.
Today’s expected trading range is between $78.80 support and $82.10 resistance.
Trend Forecast: Neutral
