Brent oil prices witnessed a robust downturn in yesterday’s trading session, effectively attaining our extended target at 74.50 and concluding the session in close proximity to this level. The prevailing outlook suggests a persistent bearish bias, signaling a trajectory towards fresh downside targets, commencing at 72.70 and extending to the previously established low at 71.70.
The EMA50 is reinforcing the anticipated bearish wave, operating within the bounds of the bearish channel outlined on the chart. It’s crucial to note that breaching the resistance barrier at 75.60 could alter the current bearish momentum, potentially ushering in intraday gains. The primary target for this rebound would be the key resistance level at 77.44, preceding any renewed attempts at decline.
Market participants and traders are advised to take note of the expected trading range for today, oscillating between the support level at 73.00 and the resistance level at 76.00. At present, the overall trend leans bearish, with market participants closely monitoring any indications of a potential shift in market sentiment.
Expected Trend for Today: Bearish
