Brent crude oil experienced pronounced downward momentum in recent trading sessions, surpassing the initial target of $84.11 and nearing the second target of $82.74. Despite these declines, the market has shown signs of potential bullishness, influenced by stochastic indicators suggesting a shift.
Analysts observe a tentative bullish bias, indicating a possible test of resistance around $84.11 before potentially resuming its downward trajectory.
The bearish channel remains a dominant force, continuing to exert pressure for further short-term declines. Targets are set at $81.38 following a breach of the $82.74 mark. Notably, breaching the $84.11 barrier could invalidate the current bearish outlook, prompting a potential recovery to offset recent losses.
Today’s anticipated trading range spans from a support level of $81.50 to a resistance level of $84.50, reflecting ongoing volatility and uncertainty in the Brent oil market.
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