Brent oil encountered significant negative pressure in the previous session, with a decline to the 78.70 level after testing 81.00. Although the price has returned to hover around the initial level, indications suggest a resumption of bearish trades with a potential decline toward the 77.44 area in the short term. This downtrend is reinforced by the negative pressure exerted by the EMA50.
As such, a bearish bias is anticipated for today, with attention drawn to the possibility of breaching the 82.10 level, which would alleviate the current negative pressure and shift the price toward an upward trajectory.
The expected trading range for the current session is positioned between support at 79.30 and resistance at 82.30. The overall trend projection for today is bearish. Traders are advised to closely monitor price movements, with specific focus on the identified support and resistance levels guiding their trading decisions.
