The Brent oil price has exhibited a bearish rebound subsequent to testing the $84.77 level in preceding sessions, indicating a probable continuation of the corrective downward trajectory towards the $82.40 mark. Analysts suggest that breaching this level could propel prices further down to $80.08. The emergence of a double top pattern on the chart accentuates the bearish sentiment, bolstering expectations for the persistence of the downward trend in the near future. However, a breakthrough above $84.77, followed by $85.80, could alleviate the prevailing negative pressure and prompt a resurgence towards the primary bullish trend.
In today’s trading, the anticipated support level stands at $81.00, while resistance is expected around $85.00. Overall, the trend forecast remains bearish.
