Brent oil prices settled near the $77.18 level, indicating a potential continuation of the bearish trend, as per stochastic indicators losing positive momentum. The chart reflects a bearish channel, with the next target projected at $76.00.
Maintaining a position below $78.05 is crucial for the bearish trend to persist. However, breaching this level might initiate recovery attempts, potentially pushing the price to test the $80.08 areas before any further downturn.
The anticipated trading range is forecasted to be between the support level of $76.00 and the resistance level of $79.00.
Trend Forecast: Bearish