In the latest price analysis, Brent oil has surpassed the anticipated target at $80.08, demonstrating a strong downward trend. Currently, the price has reached the $78.00 barrier and is expected to continue its descent within the established bearish channel, potentially targeting the next negative station at $77.18. A breach of this level could propel the price downwards to $76.25.
Market analysts anticipate the prevailing bearish trend to persist in upcoming trading sessions. However, failure to break below $77.18 may prompt the initiation of a bullish wave, with potential gains targeting areas around $80.08.
Traders should prepare for trading activity within the range bounded by support at $76.25 and resistance at $79.30.
Trend Forecast: Bearish
