Brent oil price has successfully attained our anticipated downside target at 81.00 and is currently exerting negative pressure on this level. This development reinforces the likelihood of sustained downward momentum, paving the way for additional bearish targets, with 79.20 and 77.44 as the next key areas to watch. The negative influence of the recently completed double top pattern, with discernible signs on the chart, contributes to this bearish outlook.
The EMA50 acts as a supporting factor for the ongoing bearish wave. However, it is crucial to monitor the 81.00 level, as a consolidation against the prevailing downward pressure could prompt the initiation of recovery attempts, initially targeting the 83.87 areas.
The expected trading range for today is bordered by support at 79.20 and resistance at 82.20.
Projected Trend for Today: Bearish
