Brent crude oil price sustained its downward trajectory in the previous session, coming within a few pips of our projected second target at 81.90. While there were brief attempts to initiate a recovery and secure intraday gains, the price’s current trajectory appears to be resuming its decline. This trend strengthens the likelihood of the ongoing dominance of the bearish correction, with the potential to achieve further negative targets.
Market analysts anticipate that the price may approach the 80.00 level in the near-term.
As such, the prevailing scenario of a bearish trend remains valid and active for the foreseeable future. However, it’s essential to highlight that breaching the resistance level at 84.33 would nullify the anticipated decline and pave the way for the price to reclaim its primary bullish trajectory.
For today’s trading session, the projected trading range is situated between the support level at 81.00 and the resistance level at 84.33.
Taking these factors into account, the expected trend for today remains bearish, but market participants should closely monitor the price’s behavior to gauge the potential for any significant shifts in market sentiment.