Brent Oil Price Validates Breakout Below Key Level

Yesterday, Brent oil price concluded its trading session below the crucial level of 84.33, thereby confirming the emergence of a bearish trend scenario on the intraday basis. This development points towards an impending bearish correction with initial targets set at 83.35, followed by 81.90 levels.

The expectation for the upcoming sessions leans towards further decline, bolstered by the negative pressure exerted by the EMA50 indicator. However, a breach of the 84.33 level could halt the negative outlook and potentially trigger a price recovery.

Today’s anticipated trading range is poised between the support at 82.75 and resistance at 85.50.

The trend projection for today suggests a bearish sentiment to prevail.