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Brent crude oil is encountering downward pressure, potentially targeting a revisit to the $84.11 level, marking the 38.2% Fibonacci correction level based on the increase from $76.95 to $88.53. Analysts point out that breaching this level could further drive prices towards the next correctional target at $82.74.
The EMA50 indicator is contributing to the negative outlook, reinforcing expectations of a decline. Analysts suggest this bearish sentiment will persist unless the price manages to rally above $85.80 and maintain a position above this level.
For today’s trading session, experts anticipate a range bound between support at $83.30 and resistance at $86.20.
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