Brent oil price has successfully reached the first projected target at 92.74, consolidating its position near this level. Market analysis suggests that the key to triggering the anticipated downward movement lies in breaching this level. Such a breach would activate the negative implications of the double top pattern clearly visible on the chart, setting the stage for a further decline towards our subsequent correctional target at 90.70.
As a result, market participants are advised to remain vigilant for additional declines in the intraday and short-term perspectives. However, it’s crucial to note that a break above 94.20 would invalidate this bearish scenario, potentially pushing the price to make an attempt to revert to the primary bullish trajectory.
In today’s trading, the expected range is anticipated to fluctuate between support at 91.30 and resistance at 94.40, reinforcing the bearish trend that currently characterizes the market.
Traders and investors should closely monitor Brent oil prices, paying particular attention to the critical support and resistance levels for potential trading opportunities.
