Brent oil encountered pronounced losses in the preceding session, marking a significant downturn by breaking the pivotal level of 83.87 and sharply descending beyond 81.00. The subsequent settlement below this critical threshold signals a trajectory pointing towards further anticipated declines in the upcoming period, with a focal point on reaching 79.45 and subsequently 77.44 as primary negative waypoints.
The current positioning below the EMA50 adds weight to the continuation of the anticipated bearish trend. This trajectory is expected to persist unless a breach of 81.00 is achieved, followed by a sustained position above this level.
For today’s trading activity, market participants are advised to monitor the anticipated trading range, bracketed between the support level at 79.00 and the resistance level at 82.00. Any deviations beyond these limits may have significant implications for the short-term trend of Brent oil prices.
In summary, the prevailing sentiment in the Brent oil market is decisively bearish following a substantial decline, emphasizing the importance of key support and resistance levels. Traders are urged to remain vigilant for potential market shifts and indications that may impact the current trend.
