Brent crude oil prices experienced a significant decline, breaking below the $80.65 mark and settling beneath this level. This downturn suggests a potential further decline in prices. However, technical indicators currently provide positive signals that could mitigate additional losses, creating a conflicting situation between the bearish price movement and the supportive technical indicators. As a result, market analysts recommend adopting a cautious approach until a clearer trend emerges.
If prices fall below $80.00, a continuation of the decline could see Brent oil prices target $78.80 as the next support level. Conversely, if prices breach the $80.65 threshold, there is potential for a recovery, with possible gains reaching up to $82.15 in the near term.
For today, the anticipated trading range is between a support level of $78.80 and a resistance level of $82.10.
Related topic:
How Long Can You Keep Fuel In A Jerry Can?
