Brent oil prices have surpassed the $76.95 level, reaching $78.50 as it attempts to recover from previous losses. However, the price is losing positive momentum and starting today with a bearish bias. This indicates a potential resumption of the bearish trend, with an initial test of the $76.95 level expected. Breaking this level could push the price towards $75.30 and then $74.00 as subsequent negative targets.
Therefore, a bearish bias is anticipated for the upcoming sessions. It’s important to note that breaching the $78.50 level could lead to additional gains, with the price testing the bearish channel’s resistance around $79.85 before any new decline.
Expected Trading Range for Today:
Support: $76.00
Resistance: $79.00
Trend Forecast: Bearish
