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The price of Brent oil closed yesterday below the $85.80 mark, confirming the ongoing bearish trend expected in the upcoming sessions. This drop opens the path for the price to reach the next correctional level at $84.10. A break below this level would likely push the price down further to the 50% Fibonacci correction level at $82.74.
The EMA50 indicator supports the continuation of this decline. The bearish outlook will remain valid unless the price rallies to breach the $85.80 level and maintains a position above it.
For today, the expected trading range is between the support level of $83.10 and the resistance level of $86.00.
Related topics:
Brent Crude Oil Targets Key Levels Amid Fibonacci Correction
