Brent oil prices initiated the day with a bullish gap, propelling them closer to the critical barrier at $90.00. It is worth noting that the EMA50 has formed a formidable resistance level, leading to the emergence of bearish rebound signals. Consequently, the price is now poised to recommence the bearish correction within the broader upward movement, which extends from 71.69 to 96.05.
In this context, traders are anticipating a test of the initial support level at 86.74. Should this level be breached, it will open the path for the price to decline further towards 83.90 as the subsequent negative target.
Today’s outlook leans towards a bearish bias, contingent on the ability to break below the $90.30 level and maintain such a position.
The expected trading range for the day is anticipated to span between the support level at 86.70 and the resistance level at 89.80.
Today’s prevailing trend is expected to be bearish, subject to the aforementioned conditions.
