The price of Brent oil saw a significant decline in the previous trading session. It broke below the support line of the intraday bullish channel and tested the 23.6% Fibonacci correction level at 90.30. This development paves the way for further expected declines in the upcoming period. Breaking the aforementioned level will extend the bearish trend towards 89.20, followed by 86.75 as the next key support levels.
As such, the prevailing outlook is bearish for today. However, it’s crucial to keep in mind that the failure to break below 90.30 could halt the expected decline and trigger new recovery attempts targeting the 93.00 area as the initial goal.
The projected trading range for today is situated between the support at 89.00 and the resistance at 92.00, with the anticipated trend being bearish.
