Brent Oil Price Analysis

Expected Scenario

Brent oil price found difficulty to surpass the bullish channel’s resistance line, opening today’s trading with clear negativity and heading towards building a bearish wave on the intraday basis. According to the trading rules inside the channels, the price is on its way to visit the main bullish channel’s support line around 87.40$ as a next main target. Therefore, the bearish bias will be suggested for today, and breaking 90.15$ will confirm the continuation of the negative pressure in the upcoming sessions, while breaching 91.60$ resistance represents the key to resume the main bullish trend and head to achieve additional gains that reach 92.75$.

Expected Outcome

Brent oil price is currently experiencing clear negativity, struggling to surpass the bullish channel’s resistance line. The price is expected to build a bearish wave towards the main bullish channel’s support line around 87.40$. A break below 90.15$ would confirm the continuation of the negative pressure, while a breach of 91.60$ resistance would signal a resumption of the main bullish trend with targets at 92.75$.

Expected Trading Range

Between 88.80$ support and 91.70$ resistance.

Trend Forecast: Bearish