Brent oil price continued its downward movement yesterday, nearing the target of $78.39, which corresponds to the 38.2% Fibonacci retracement level of the recent bullish wave. Technical indicators currently display negative signals, suggesting that the bearish trend may resume. A break below this level would open the path towards the next corrective target at $77.05.
The bearish outlook remains in play unless the price manages to rally and breach the $80.10 and $80.50 resistance levels, sustaining movement above them.
The expected trading range for today is between $77.70 (support) and $80.70 (resistance).
Trend Outlook: Bearish
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