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Brent Oil Price Analysis: Bearish Trend Expected to Persist

by Daisy

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.

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The anticipated trading range is forecasted to be between the support level of $76.00 and the resistance level of $79.00.

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Trend Forecast: Bearish

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