Brent Oil Price Analysis
Brent oil price is fluctuating around the 84.00$ barrier, with stochastic showing a clear loss of positive momentum. This suggests a potential motivation for the price to resume the expected bearish trend in the upcoming period, with the next target located at 82.40$.
The mentioned level represents the 50% Fibonacci correction level for the rise seen on the chart. Breaking it would extend the bearish wave towards 80.08$ areas on the near-term basis. However, breaking above 84.77$ followed by 85.80$ levels will invalidate the expected decline and could signal an attempt to regain the main bullish trend.
Expected Trading Range for Today
Support: 82.40$
Resistance: 85.50$
Trend Forecast
Bearish
Origin: Economies
