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Brent oil prices surged strongly yesterday, approaching the $78.00 barrier. However, the stochastic indicator is showing overbought signals and has recently crossed negatively, suggesting a potential decline. This technical setup could initiate a new bearish wave, with a primary target of $75.78.
Given these conditions, a bearish trend is expected for today. Should the price surpass $77.75, it may continue to rise and test the $78.80 level before any potential downturn.
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The anticipated trading range for today is between $75.60 (support) and $78.60 (resistance).
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Trend Forecast: Bearish
