Brent oil price has exhibited evident negativity in recent sessions, successfully surpassing the 81.00 level and settling below it. Today, the price continues its downward trajectory, distancing itself from this level, reinforcing the expectations for the ongoing dominance of the bearish trend. It is essential to note that the next target is identified at 77.44.
The negative pressure from the EMA50 adds weight to the price’s decline, supporting the continuation of the suggested bearish movement. The validity of this bearish scenario is contingent upon the price maintaining stability below the 81.00 level.
The anticipated trading range for today is expected to fluctuate between the support level of 78.30 and the resistance level of 81.00.
The prevailing trend for today is forecasted as bearish, with the key determinant being the price’s adherence to the critical level of 81.00.
