Brent Oil Price Faces Downward Pressure as It Tests Resistance at Bearish Channel

Brent oil concluded the previous session with notable bearish sentiment, affirming the breach of the crucial $77.44 level. Although the opening today suggests a modest uptick, there’s a likelihood of a test towards the resistance of the bearish channel before reverting to another decline. The prevailing outlook supports the continued dominance of the bearish trend within the mentioned channel, targeting main downside objectives at $74.65, followed by $73.00.

The bearish trajectory is anticipated to persist in the upcoming sessions unless the price manages to rally above $77.44 and maintains stability above this level.

Expected Trading Range: $74.60 (Support) – $77.50 (Resistance)

Expected Trend: Bearish