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Brent crude oil has encountered significant downward pressure in recent trading sessions, culminating in the formation of a rising wedge pattern evident on the charts. The breach of the crucial support level at $85.80 has confirmed a correctional bearish sentiment, potentially paving the way for a decline towards the next target at $84.10. Analysts warn that a breach of this level could lead to a direct move towards $82.74.
The prevailing bearish bias is expected to persist in upcoming sessions unless the price manages to reclaim and hold above the $85.80 mark. Today’s anticipated trading range is poised between support at $83.70 and resistance at $86.50, reflecting the current volatility and uncertainty in the oil markets.
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