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Brent crude oil prices extended their decline on Wednesday, briefly touching $80.70 before closing the day’s trading session above $81.38. Analysts foresee a potential resumption of bearish momentum aimed at breaking below this critical level, setting sights on further downward targets in the near future, with projections suggesting a decline to around $79.70.
The bearish trajectory is delineated by a clear downward channel, bolstered by ongoing support from the EMA50 indicator. Sustaining the bearish sentiment hinges on maintaining prices below the $82.74 mark.
Looking ahead, the anticipated trading range for the current session spans from $79.75 on the downside to resistance at $82.75.
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