In recent trading sessions, the Brent oil price has experienced a notable downturn, breaching the crucial threshold of $90.10 and settling below it. This decline signals the emergence of anticipated negative pressure in forthcoming sessions, particularly following the formation of a double top pattern evident on the charts. Consequently, a bearish bias is anticipated on an intraday basis, with focus directed towards testing the $88.05 level as the next significant target.
It’s worth noting that a breach of the $89.60 mark would reinforce expectations for further descent, establishing a negative momentum likely to expedite the price towards its target. Conversely, surpassing the $90.95 level would alleviate the prevailing downward pressure, potentially facilitating a price recovery.
Today’s projected trading range spans between the support level at $88.00 and resistance at $91.00.
Trend Forecast: Bearish
