Brent oil prices recently experienced a notable decline after approaching the anticipated initial positive target at 94.80. This retracement led to a test of the support level at 92.74. Observers noted a formation of a negative technical combination, suggesting the likelihood of the price facing bearish correctional pressure.
Analysts anticipate the upcoming targets to initiate with a break below the mentioned support, potentially leading to a downward movement toward the 90.70 level. As a result, a bearish trend is expected to dominate in the upcoming trading sessions.
However, it’s important to remain vigilant as breaching the 94.40 level could alter this bearish scenario and push the price back into the main bullish trend.
For today’s trading, traders are advised to consider a trading range between support at 91.60 and resistance at 94.60, with a preference for a bearish outlook in Brent oil prices.
