The Brent crude oil price has experienced an upward bounce following a test of the 81.90 level in recent sessions. It is now on track to potentially test the significant resistance at 84.33. However, caution is advised as technical indicators are sending negative signals, which could prompt a subsequent decline.
Consequently, the prevailing bearish trend remains intact for the foreseeable future. Breaking the 81.90 level would signal a path toward the next target at 80.00. It’s worth noting that surpassing 84.33 would halt the bearish scenario and potentially usher in a return to the primary bullish trend.
Market analysts suggest that today’s trading range is expected to fall between the support at 81.50 and the resistance at 84.60.
Market sentiment anticipates a bearish trend for the day.