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Brent oil prices are showing continued bearish momentum, having breached the $74.00 mark and settling below it. This trend suggests that prices are likely to test the next target of $72.90, with a potential decline extending to $71.60 if this level is broken.
Maintaining a position below $74.00 serves as a key indicator for ongoing declines. However, if prices rise above this level, they may rebound and test the significant resistance at $75.80 before any further declines.
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The forecasted trading range for today is between $72.20 support and $75.20 resistance.
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Trend Forecast: Bearish
