Brent crude oil prices commenced trading today with a notable downturn, signaling a renewed attempt to breach the critical $81.38 support level. This move underscores expectations for a sustained bearish trajectory in the intraday and short-term outlook, with a potential target at $79.70.
The ongoing bearish momentum is being structured within a well-defined downward channel, bolstered by negative signals from stochastic indicators. Currently, stochastic indicators indicate a bearish stance, adding weight to the downward pressure on prices. However, a failure to consolidate below $81.38 could prompt temporary upward movements, potentially testing resistance at $82.74 before any renewed downside attempt.
Today’s anticipated trading range is projected between a support level of $79.40 and a resistance level of $82.40. Traders and analysts are closely monitoring price movements around these key levels to gauge further market direction in the near term.
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