Brent Crude Oil Price Rebounds But Bearish Sentiment Persists

The price of Brent crude oil has shown a bullish recovery after hitting its support level at $80.60, but like WTI, it is also showing a weak recovery. The prices are still contained below the 50-EMA ($86.15) and the 100-EMA ($86.93), indicating that bearish sentiment remains greater than bullish.

The RSI has recovered from the oversold level and moved above it, but its value being below the 50 mark indicates that the bearish sentiment is still prevailing. The price is nearing the 38.2% Fibonacci level at $88.80, which corresponds with moving average resistance. Unsuccessful moves below this zone have reinforced the downtrend.

The outlook will be deemed bearish if Brent remains below $85.68, providing an opportunity to sell if buyers do not move above the moving averages. The support levels are $83.80 and $80.60, while the resistance price levels are $85.68, $88.80, and $91.33 in that order.