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Brent oil prices have encountered substantial downward pressure, leading to the breach of the support at 86.75. The daily candlestick closed above this level, indicating a probable continuation of the anticipated decline in the upcoming sessions. The next target for this bearish movement is set at the 50% Fibonacci correction level, located at 83.87.
The bearish sentiment is expected to persist for today, reinforced by the negative pressure exerted by the EMA50. However, it’s important to note that a breach of 86.75 would halt the current downward pressure and could lead to a price recovery.
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The projected trading range for the day is expected to oscillate between support at 84.30 and resistance at 87.40.
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Today’s expected trend: Bearish
