The recent upswing in Brent oil prices met resistance at the 96.00$ level, prompting a notable downward rebound. This decline has also led to the breach of the intraday bullish channel’s support line, clearly indicating the initiation of a bearish correction phase for the recent rally that extended from 82.00 to 96.05.
As of today, the price has commenced a substantial decline, further confirming the onset of a bearish correction. The initial target for this correction is set at 92.74.
In the upcoming sessions, we anticipate further downside movement. However, it’s important to monitor the 94.10 level closely, as a breach of this resistance could potentially halt the current bearish pressure and trigger an attempt to resume the primary bullish trend.
The expected trading range for today is positioned between support at 91.80 and resistance at 94.90, with a prevailing bearish outlook.
