Brent Oil Price Breaks Key Support Level

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.

The projected trading range for the day is expected to oscillate between support at 84.30 and resistance at 87.40.

Today’s expected trend: Bearish