Brent Oil Price Analysis:
The price of Brent oil has successfully reached our initial target of $82.45 and is currently making efforts to breach this level, thereby reinforcing the likelihood of an extended correctional bearish wave. Our analysis indicates a potential movement towards the 61.8% Fibonacci level, situated at $80.08. The bearish trend is expected to persist in the upcoming period, characterized by a bearish channel evident on the chart.
Expected Scenario:
We anticipate the price to continue its downward trajectory, with the possibility of consolidation around the $82.45 level against the prevailing negative pressure. In the event of consolidation, intraday gains may be witnessed, targeting levels at $84.05 and $84.77 before any subsequent attempts at a decline.
Expected Trading Range:
The anticipated trading range for Brent oil is expected to oscillate between the support level at $80.60 and the resistance level at $83.60. These boundaries serve as significant reference points for assessing potential price movements within the market.
Trend Forecast: Bearish
Based on the current analysis and prevailing market conditions, the trend forecast for Brent oil remains bearish. Traders are advised to closely monitor price movements, particularly around key support and resistance levels, to identify potential trading opportunities.
