The price of Brent crude oil faced downward pressure, dipping below the $85 threshold, signaling a continuation of the bearish trend anticipated in upcoming sessions. Analysts foresee potential for further decline towards the next target of $84.10, identified as the 38.2% Fibonacci retracement level from the recent climb spanning $76.95 to $88.53. Breaking below this level could accelerate the descent towards $82.74.
Market sentiment remains bearish unless a reversal sees the price breach and sustain above $85.80, closing daily above this critical level. Today’s expected trading range is projected between support at $83.20 and resistance at $86.00.
Investors and traders are closely monitoring these technical levels and market dynamics, adjusting strategies accordingly amidst ongoing volatility in oil markets.
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