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Brent Oil Price Trapped in Continuation Pattern

by Jennifer

Brent oil price’s recent trading activity finds itself confined within a symmetrical triangle pattern illustrated on the chart. Consequently, a critical level to watch for is at 86.40, as a breach of this level would introduce a negative motive. This, in turn, would provide the necessary momentum to push the price towards our next correctional target, which lies at 83.87.

Adding to this bearish perspective are the technical indicators, which are signaling a bearish trend in the upcoming sessions. It’s essential to note that a breach of the resistance level at 88.20 could interrupt the suggested decline, potentially leading the price to make an attempt to reclaim the main bullish trend.

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In today’s trading, the expected range is between support at 85.40 and resistance at 88.40. The overall trend for today is leaning bearish, with the 86.40 level acting as a pivotal point for the market’s direction.

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