Brent oil prices have initiated a bearish rebound, marking a shift after unsuccessful attempts to breach the resistance line, which was fashioned from the prior support of the primary bullish channel. The downward pressure has driven prices to the 90.30 level, subsequently pushing them below this threshold. This movement signifies a return to the correctional bearish path, aimed at achieving negative targets that commence at 89.20 and potentially extend to 86.75 after the prior level is breached.
Consequently, it is expected that the upcoming trading sessions will continue to witness a decline in Brent oil prices. It is worth noting that a successful breach of the 90.30 level may potentially induce a recovery phase, with gains beginning by testing the 91.80 areas.
For today, the expected trading range is projected to span from the support at 88.30 to the resistance at 91.20, firmly establishing the bearish trend for the day.
