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Brent Oil Price Analysis – February 23, 2024: Target at 83.87 Achieved, Initiates Intraday Bearish Wave

by Jennifer

Brent oil price successfully reached our anticipated target at 83.87 and subsequently exhibited a bearish rebound, signaling the potential development of a bearish wave on the intraday basis. The next focal points for this downward movement are set at 82.50, followed by 81.00 as the subsequent main support levels.

The prevailing sentiment suggests a bearish bias for today, supported by the evident negativity in the stochastic indicator. It is crucial to note that surpassing the resistance level at 83.87 would alleviate the current downward pressure and resume the overarching bullish trend.

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The projected trading range for today is expected to oscillate between the support level at 81.50 and the resistance at 84.50.

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The prevalent trend for today leans towards a bearish trajectory in Brent oil prices.

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