Brent Crude Oil Price Dives to Key Support Level

The price of Brent crude oil has dropped to $85.00, reaching a key support level and potentially breaking a previous target analysis. This is due to the dominance of short-term bearish waves and negative pressure from trading below the EMA50.

However, relative strength indicators have entered severe oversold levels, which may reduce losses in the upcoming period and lead to some upside rebounds that aim to recover some of these losses.