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Brent Oil Prices Witness a Lower High

by Jennifer

Brent oil prices recently experienced a notable decline after approaching the anticipated initial positive target at 94.80. This retracement led to a test of the support level at 92.74. Observers noted a formation of a negative technical combination, suggesting the likelihood of the price facing bearish correctional pressure.

Analysts anticipate the upcoming targets to initiate with a break below the mentioned support, potentially leading to a downward movement toward the 90.70 level. As a result, a bearish trend is expected to dominate in the upcoming trading sessions.

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However, it’s important to remain vigilant as breaching the 94.40 level could alter this bearish scenario and push the price back into the main bullish trend.

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For today’s trading, traders are advised to consider a trading range between support at 91.60 and resistance at 94.60, with a preference for a bearish outlook in Brent oil prices.

 

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