In the realm of Brent oil trading, a resumption of the downward trend is observed, marking a significant turn of events following a brief bearish bounce. Despite nearing the anticipated positive target at $84.77, Brent oil swiftly reverted to its expected bearish trajectory on both intraday and short-term scales. Analysts note this movement occurring within the confines of a bearish channel as depicted on the charts, with attention now turned towards a potential test of $82.45 as the initial checkpoint.
Should the $82.45 level be breached, analysts anticipate a further descent towards $80.08 as the subsequent primary target.
Expected Trading Range
- Support: $81.70
- Resistance: $84.70
Trend Forecast: Bearish
Amidst this renewed bearish sentiment in Brent oil prices, market participants are advised to remain attuned to evolving market dynamics, exercising caution and adapting their strategies accordingly to navigate the current landscape.
