The price of Brent crude oil made a strong break below the 83.87 level and subsequently experienced a bearish rally, bringing it closer to our extended target at 81.00. Further decline is anticipated in the upcoming trading sessions, possibly preceded by short-term sideways fluctuations influenced by stochastic indicators showing signs of positivity.
The bearish trend is supported by the EMA50, reinforcing the potential for continued downward movement. It is of utmost importance to maintain a position below the 83.87 level to achieve the awaited targets.
The anticipated trading range for today is expected to vary between support at 80.70 and resistance at 83.60.
In summary, the prevailing trend for today is anticipated to be bearish, with Brent crude oil prices having met the target and displaying potential for additional downward movement.
