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Brent Oil Price Records Clear Losses – Market Analysis – 26-02-2024

by Jennifer

The Brent oil price has surpassed the 82.50 level, reaching the anticipated target zone around 81.00. Our analysis suggests a continued bearish bias, projecting a break below this level to extend the decline on an intraday basis, with the subsequent target set at 79.30.

The prevailing bearish trend is expected to persist in the upcoming sessions, further supported by the price trading below the EMA50. It’s essential to monitor the 81.00 level, as its consolidation against the current negative pressure might incite attempts at recovery, potentially leading to the establishment of a bullish wave. Initial targets for such a wave would involve testing the 82.40 areas.

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The projected trading range for today is estimated between the support level of 79.60 and resistance at 82.50.

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In summary, the forecast for today maintains a bearish trajectory for Brent oil, with a focus on breaking below 81.00. However, the consolidation of this level against the prevailing negative pressure could prompt restorative efforts, possibly initiating a bullish wave targeting the 82.40 areas.

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