Brent Crude Oil Targets Key Levels Amid Fibonacci Correction

by Yuki

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.

Related topics:

OPEC+ Faces Challenges Despite Brent Oil Price Surge

Brent Oil Price Analysis: Bearish Correction Underway

Brent Oil Price Maintains Positive Momentum

You may also like

Welcome to our Crude Oil Portal! We’re your premier destination for all things related to the crude oil industry. Dive into a wealth of information, analysis, and insights to stay informed about market trends, price fluctuations, and geopolitical developments. Whether you’re a seasoned trader, industry professional, or curious observer, our platform is your go-to resource for navigating the dynamic world of crude oil.

Copyright © 2024 Petbebe.com