Brent oil experienced significant upward movement in recent sessions, surpassing the 81.00 level and settling above it. However, a noticeable intraday resistance is impeding the bullish momentum, as indicated on the chart. Additionally, clear overbought signals observed through stochastic indicators contribute to the assessment of a bearish bias for today.
Given these factors, the suggested outlook leans towards a bearish stance, with initial targets involving a break below 81.00, confirming a move towards 79.00, followed by 77.44. It is imperative to highlight that a breach above 81.80 would nullify the anticipated decline, potentially ushering in further gains in subsequent sessions.
The expected trading range for the day is forecasted to fluctuate between the support at 79.90 and the resistance at 83.00.
Anticipated Trend for Today: Bearish
