Brent oil prices encountered a hurdle in their upward trajectory, evident in the formation of a lower high, as depicted in the chart. Consequently, the price has initiated a descent, signaling the development of a bearish trend on an intraday basis. The initial target in this bearish wave lies at 88.20, with the possibility of further declines to 86.75 if this level is breached.
Market analysts anticipate a sustained decline in the forthcoming sessions, with a particular focus on the importance of breaking through the support level at 89.25 to facilitate the achievement of the envisaged targets. Conversely, breaching the resistance at 90.85 could potentially alleviate the current bearish pressure, paving the way for a potential attempt to regain the primary bullish trend.
As today’s trading unfolds, the projected trading range is expected to span between the support at 87.80 and the resistance at 90.80.
In summary, Brent oil prices have exhibited signs of a bearish sentiment, with the potential for further downward movement in the near term. However, a breakthrough above 90.85 could alter this outlook and reignite the bullish sentiment.
