Brent Oil Consolidates Below $80, Bearish Technicals Linger
Brent oil trades sideways for a second day after Tuesday’s 6% plunge, staying under the $80 level with gains capped by the 200-day moving average and the daily Ichimoku cloud base.
Brent crude is consolidating in a narrow range for a second consecutive session, following a massive 6% drop on Tuesday. Prices remain below the psychologically important $80 per barrel mark.
Upside attempts are being rejected by key technical barriers: the 200-day moving average near $80.73 and the base of the daily Ichimoku cloud. The underlying technical picture remains bearish, with the sharp selloff suggesting sellers are in control.
A sustained break above $80.73 would be needed to ease the near-term downward pressure, while failure to reclaim that level could open the door for further declines.
Source: FXStreet Forex News