Brent oil price has successfully reached the awaited target of $77.44, consolidating at this level. A decisive break below this mark is recommended to pave the way for additional downward targets in the foreseeable future, with the subsequent station positioned at $75.20.
The negative pressure exerted by the EMA50 further solidifies the potential for a continued bearish wave. It is crucial to observe the resistance level at $78.35 closely, as surpassing this threshold could interrupt the anticipated decline, initiating recovery attempts and establishing a bullish trajectory with a primary target around the $81.00 areas.
In light of the prevailing market conditions, the expected trading range for today is estimated between the support at $76.00 and the resistance at $79.00. Market participants are advised to exercise caution and closely monitor these key levels, recognizing their significance in determining potential shifts in market dynamics.
Consequently, the overall trend for today leans towards the bearish side, contingent upon the ability to maintain levels below $78.35. However, a breakthrough above this resistance may prompt a reassessment of the market’s direction, with a focus on recovery and the establishment of a bullish wave.
