Advertisements

Brent Oil Price Faces Downward Pressure

by Jennifer

The Brent oil price has experienced a notable downward rebound following its recent test of the 85.90 level. It is now exerting pressure on the critical support at 84.33. Given this situation, caution is advised for upcoming trading sessions, as a breach of this level would introduce a negative factor that could redirect the price back towards a corrective bearish trajectory.

Consequently, it is recommended to observe the market until the price’s stance is confirmed relative to the aforementioned level. A breach of 84.33 could lead to the realization of negative targets beginning at 83.35, extending down to 81.90. Conversely, maintaining consolidation above this level would likely prompt the resumption of the primary bullish trend, potentially reaching 86.75 and subsequently 88.20 levels.

Advertisements

The expected trading range for today spans between the support level of 82.75 and the resistance level of 86.10. As of now, the projected trend for the day appears neutral.

Advertisements
Advertisements
Advertisements

You may also like

oftrb logo

Oftrb.com is a comprehensive energy portal, the main columns include crude oil prices, energy categories, EIA, OPEC, crude oil news, basic knowledge of crude oil, etc.

【Contact us: [email protected]

© 2023 Copyright oftrb.com – Crude Oil Market Quotes, Price Chart live & News [[email protected]]