Brent crude oil has recently hit the anticipated target of $85.80, marking the 23.6% Fibonacci correction level based on the upward movement from $76.95 to $88.53. This milestone signifies a pivotal point, with potential implications for further price action. Breaking below this level could potentially drive prices down towards $84.10.
The EMA50 indicator is currently exerting downward pressure, reinforcing the likelihood of a continued bearish trend in the near future. This suggests a cautious outlook, maintaining a bearish bias unless the price manages to breach and sustain above $86.75.
Expected Trading Range:
Market analysts foresee a trading range bounded by support at $84.20 and resistance at $87.20 in the sessions ahead.
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