After experiencing upward momentum in the preceding trading sessions, the Brent oil price managed to breach the 84.33 level. However, it is notable that the price has opened the current session on a downward trajectory, moving below this aforementioned level. This shift appears to be influenced by the current negative reading on the stochastic indicator. This development reinforces the possibility of a resumption in the corrective bearish trend, potentially guiding the price towards achieving negative targets commencing at 83.00 and extending to 81.90.
Consequently, market observers anticipate a period of bearish trading activities in the forthcoming sessions. It’s important to observe that a breach of the 84.33 level followed by sustained price elevation above it could potentially counteract the negative scenario and prompt the price to strive for a return to the primary bullish trend.
The anticipated trading range for today is expected to fluctuate between the support level of 82.50 and the resistance level of 85.50.
Projected trend for today: Bearish