In the latest analysis of Brent oil prices, the market encountered challenges in surpassing the resistance line of the bullish channel, marking the commencement of today’s trading with evident pessimism. The trajectory appears to be steering towards the development of a bearish wave over the intraday period. Adhering to the principles governing trading within the channels, the price is anticipated to gravitate towards the main support line of the bullish channel, approximately at $87.40, as the next primary target.
Consequently, a bearish sentiment dominates today’s forecast, with particular emphasis on the significance of the $90.15 level. A breach below this threshold would solidify the continuation of negative pressure in subsequent sessions. Conversely, overcoming the resistance at $91.60 is pivotal for the resurgence of the primary bullish trend, aiming for further gains reaching $92.75.
Currently, Brent oil prices are amidst a period of pronounced negativity, encountering hurdles in surpassing the bullish channel’s resistance line. The forecast suggests a trajectory inclined towards building a bearish wave, targeting the main support line of the bullish channel around $87.40. Confirmation of sustained downward pressure would ensue upon breaching the $90.15 mark, whereas a breakthrough of the $91.60 resistance level would signify a revival of the primary bullish trend, with targets set at $92.75.
The anticipated trading range spans from the support level at $88.80 to the resistance at $91.70.
In conclusion, the forecast for Brent oil leans towards a bearish trend, contingent upon the ability to breach key support and resistance levels as outlined.
