Brent oil prices exhibited notable negativity in the previous session, successfully reaching and settling at our extended target of 77.44. The lingering impact of the double top pattern remains in play, further supporting the likelihood of surpassing the mentioned level and proceeding towards additional downside targets, with 74.65 identified as the subsequent key level.
The negative influence of the EMA50 continues to exert pressure on the price, reinforcing expectations for the continuation of the bearish trend in the forthcoming sessions. It is essential to observe that the consolidation of the 77.44 level against the existing negative pressure would impede the anticipated decline, potentially prompting the price to initiate an intraday bullish wave targeting the 81.00 areas.
The anticipated trading range for the current session is expected to oscillate between the support level at 76.20 and the resistance level at 79.30.
The prevailing trend for today is forecasted to be bearish, contingent upon the outlined technical factors.
