The Brent oil price exhibits a downward trajectory, recently dipping below the $86.25 mark. Notably, a significant development emerges as the price forms a double top pattern, with the confirmation line positioned at $85.30. A breach of this critical level may precipitate further declines, potentially surpassing $84.55 and targeting the $82.75 zone.
A prevailing bearish bias is anticipated for the intraday period, potentially punctuated by sideways fluctuations influenced by stochastic positivity. However, it’s essential to remain vigilant, as a break above $86.80 would invalidate the suggested negative formation, heralding a potential return to the primary bullish trajectory.
Today’s projected trading range spans between support at $84.00 and resistance at $87.00.
Trend Forecast: Bearish
