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The current midday update for Brent oil reveals a positive trajectory as prices approach the resistance of the bearish channel. The convergence with the EMA550 at the critical level of 77.44 enhances the bullish momentum. However, the market awaits a resumption of the primary bearish wave, targeting downside levels at 74.65, followed by 73.00.
The bearish outlook remains contingent on price stability below the key resistance of 77.44. Traders are advised to stay vigilant within the anticipated trading range, spanning from the support level at 74.60 to the resistance at 77.50.
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Expected Trading Range: 74.60 (Support) – 77.50 (Resistance)
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Expected Trend: Bearish
