The Brent oil price concluded the previous week on a notably bearish note, breaching the support line of its bullish channel. This marks the onset of a corrective phase following the recent uptrend originating from the $76.95 region, with an initial downside target set at $85.80. A decisive breach below this level is pivotal, potentially triggering a further decline towards $84.10.
Today’s trading outlook suggests a bearish bias, contingent upon the price remaining below $87.80. A breach above this resistance level could reverse the negative sentiment, reinstating bullish momentum and realigning the price within its upward channel.
Expected Trading Range:
The anticipated trading range for today spans from a support level of $85.00 to a resistance level of $88.00, reflecting ongoing volatility amid market sentiment shifts.
Related topics:
Brent Oil Price Maintains Positive Momentum
Brent Oil Prices Face Resistance Above $87.67, Testing Lower Levels
Brent Oil Price Outlook: Bullish Momentum Targets Higher Levels
