Brent Oil Price Analysis
Expected Scenario
Brent oil price has touched our first target at $82.45 and is attempting to break it, reinforcing the expectations of extending the correctional bearish wave.
We anticipate the price to head towards the 61.8% Fibonacci level at $80.08.
The bearish trend is expected to continue for the upcoming period, organized inside the bearish channel visible on the chart.
Consolidation of the $82.45 level against the current negative pressure may lead to intraday gains, targeting $84.05 followed by $84.77 areas before any new attempt to decline.
Expected Trading Range
Between the support at $80.60 and the resistance at $83.60.
Trend Forecast: Bearish
Origin: Economies
