Brent oil price made an attempt to exceed the 79.00 barrier, but it faced challenges in maintaining levels above it. As a result, the positive momentum has diminished, signaling a potential halt to the bullish wave at these levels. There are indications of a bearish reversal, suggesting the initiation of a downward wave with an initial target around 73.44. A break below this level could extend the losses to 75.55.
The presence of the EMA50 is contributing to the negative pressure, reinforcing the anticipated decline for today. However, it’s essential to monitor the 79.55 level, as a breakthrough would invalidate the bearish scenario and potentially lead to additional gains, targeting around 81.00.
The expected trading range for today is between the support level at 77.30 and the resistance level at 80.00.
In summary, the outlook for today leans towards a bearish trend in Brent oil prices, contingent upon the ability to break below the critical support level at 79.00.
