The price of Brent crude oil maintains its movement within a sideways trajectory, with its position situated below the EMA50. This factor exerts a negative influence on the price, prompting expectations for a resumption of the bearish sentiment and a potential test of the 86.74 level, which serves as our next primary target. It is worth noting that a successful breach of this level could drive the price further towards the 50% Fibonacci correction level at 83.87.
Conversely, it is important to acknowledge that breaking through the resistance at 90.30 would halt the ongoing bearish correction and encourage the price to strive towards reestablishing its main bullish trajectory.
For today, the anticipated trading range spans from the support level at 86.70 to the resistance level at 89.80.
Projected Market Trend: Bearish
