The price of Brent crude oil has successfully reached our initial projected target at 86.74. Today, it continues its decline, extending beyond this level while striving to maintain a position below it. This development provides further impetus for the prevailing bearish trend, which we expect to persist in the upcoming sessions, setting the stage for a potential visit to the next correctional level at 83.87.
As a result, we anticipate additional declines on an intraday and short-term basis. It is crucial to note that a breach of the 86.74 level could prompt price action to initiate a bullish wave, with initial targets commencing at 89.00, followed by 90.30.
The anticipated trading range for today is positioned between the support level at 84.20 and resistance at 87.50, aligning with our bearish outlook for the day.
