Brent crude oil prices advanced in the latest intraday session, seeking to recover from a recent steep decline and testing key resistance at $64.80. The move marks a short-term corrective attempt following sustained bearish momentum in recent days.
Despite this rebound, overall market sentiment remains bearish. The price continues to trade below the 50-day Exponential Moving Average (EMA50), signaling continued downside risk. In addition, the Relative Strength Index (RSI) has exited oversold territory but remains under pressure, with a negative crossover indicating persistent selling momentum.
These technical signals suggest that, although Brent is attempting a short-term recovery, the dominant trend remains to the downside unless a clear breakout above the $64.80 resistance occurs.
Outlook: Bearish Bias Maintained Unless Resistance Is Breached
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