Brent oil prices have exhibited further downturns, yet have encountered a robust backing stemming from the breached resistance line within the bearish channel depicted on the chart. This support indicates a potential impetus for continued price depreciation, with the aim of reaching the subsequent target at $80.08.
The persistence of prices below $82.45 sustains the scenario of a bearish trend for the foreseeable future. However, breaching this threshold would instigate recovery endeavors, potentially culminating in gains targeting the $84.77 range initially.
Anticipated trading parameters suggest a range bound by a support level at $80.00 and a resistance level at $82.90.
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