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Brent crude oil prices have confirmed a bearish trend by breaking below $78.80, a level they closed under last Friday. This decline today reinforces the completion of a double top pattern on the chart. The pattern indicates potential further drops, with initial targets at $75.80 and extending down to $74.50.
The bearish outlook is expected to persist in the coming sessions, supported by negative pressure from the 50-day Exponential Moving Average (EMA). This trend is contingent upon Brent oil prices remaining below $77.85, with the critical level to watch being $78.80.
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Today’s anticipated trading range is between support at $75.00 and resistance at $78.00.
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Trend Forecast: Bearish
