Brent crude oil prices continue to exhibit a persistent negative trajectory, with the price remaining below the critical 86.75 level. This sustained bearish pressure is expected to persist in the upcoming period, with an eye on the next significant target at 83.87.
The prevailing sentiment indicates the likelihood of further negative trades on an intraday basis, bolstered by the downward pressure exerted by the Exponential Moving Average 50 (EMA50). It is essential to take into account that breaching the 86.75 level could trigger attempts at recovery, aiming for targets at 88.65, followed by 90.30 on a near-term basis.
For today’s trading activities, the anticipated trading range is expected to fall between the support at 84.50 and the resistance at 87.50.
To summarize, Brent crude oil prices are entrenched in a bearish stance, with the price remaining below the crucial 86.75 level. This prevailing bearish outlook is poised to drive further negative trading activity, guided by the influence of the EMA50. Nevertheless, a successful breach of the 86.75 level could signal potential recovery efforts, targeting 88.65 and 90.30 levels on the near-term horizon. The expected trading range for the day is seen between the support at 84.50 and the resistance at 87.50, with the overall trend indicating a bearish bias.
