Brent Oil Price Analysis
The Brent oil price persists in oscillating around the $84.77 level, maintaining a daily close below it. This persistent behavior suggests a bearish trend in the near future, with a target set at $82.40.
The EMA50 is applying downward pressure, further bolstering the continuation of the anticipated bearish wave. This analysis is founded on the completion of a double top pattern discernible on the chart. A breakthrough above $84.77, followed by surpassing $85.80, would nullify the anticipated decline and potentially indicate an endeavor to reclaim the primary bullish trend.
Expected Trading Range for Today
We project the trading range for today to oscillate between the support level at $83.00 and the resistance level at $86.00.
Trend Forecast: Bearish
