Brent oil prices observed a significant decline in the previous trading session, resulting in the successful breach of the initial bearish target at 89.20. This confirms the continued dominance of the bearish trend and sets the stage for the next objective at 86.75.
Consequently, the prevailing bias leans toward bearish in the upcoming trading sessions, reinforced by the downward pressure exerted by the EMA50. It’s crucial to note that a breach of the 90.30 level could alter this negative scenario, potentially signaling an attempt to regain the primary bullish trend.
The projected trading range for the day is expected to span between the support level at 86.80 and the resistance at 89.70, reflecting the potential price fluctuations. The current trend for the day is bearish.
