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Brent crude oil experienced a significant downward correction last Friday, falling sharply to challenge the $81.40 support level and closing below it on the daily candlestick chart. This move signals potential further declines in the short term, with a target around $79.70 in sight.
The bearish momentum is guided by a downward channel supported by the EMA50 indicator. Failure to consolidate below $81.40 could prompt a recovery attempt, potentially pushing prices towards resistance levels at $82.35 – $82.74.
Today’s anticipated trading range spans between support at $79.60 and resistance at $82.50, reflecting ongoing volatility and uncertainty in the oil markets.
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