Brent crude oil prices have experienced a bearish pullback following their recent upswing observed during yesterday’s evening session. The price has now reached the $92.74 level. Market analysts are recommending continued monitoring of price behavior with the potential for surpassing this level, which could pave the way for an extended correctional bearish wave, targeting the vicinity of $90.70 in the near term.
As a result, the prevailing bearish trend scenario remains in effect for the foreseeable future. To validate this scenario, it is crucial for the price to maintain a position below the $93.85 threshold. A breach of this level would introduce positive dynamics, potentially prompting price attempts to reclaim the primary bullish trend.
Today’s anticipated trading range is expected to span from the support level at $91.00 to the resistance level at $94.00.
Market analysts emphasize the ongoing bearish sentiment in Brent crude oil prices, emphasizing the significance of the $93.85 level as a determining factor for the continuation of the expected decline.
