Brent oil price draws negative pattern – Forecast today - 27-03-2024

Brent Oil Price Analysis

• Brent oil price bounced downwards to break 86.25$ and settles below it.
• The price forms a double top pattern, with its confirmation line at 85.30$.
• Breaking the confirmation level may lead to losses surpassing 84.55$ to reach 82.75$ areas.

The bearish bias will be dominant on the intraday basis, possibly preceded by sideways fluctuation influenced by stochastic positivity. Breaching 86.80$ will negate the suggested negative formation and lead to a return to the main bullish track.

The expected trading range for today is between 84.00$ support and 87.00$ resistance.

Trend forecast: Bearish