Brent oil prices opened today with noticeable bearish momentum, breaking below the $73.80 level and attempting to maintain this position. This development suggests a potential halt in the ongoing bearish correction and a return to declines, influenced by negative stochastic indicators. However, the bullish implications of the inverted head and shoulders pattern remain relevant, supported by the EMA50.
Given the conflicting technical signals, a cautious approach is warranted until a clearer trend emerges. A break below $73.15 could place additional downward pressure on prices, leading to a test of the $72.00 support level. Conversely, if prices rise above $73.80, it could reactivate the corrective bullish scenario, targeting an initial goal of $75.24.
The expected trading range for today is between $71.75 support and $75.00 resistance.
Trend Forecast: Neutral
