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Brent oil prices experienced a notable decline yesterday, breaking through the $73.79 mark and closing below it. This move signals a continuation of negative pressure, with analysts anticipating a further drop toward the $72.00 range in the upcoming sessions.
Today, a bearish outlook is expected, as the price remains below the 50-day Exponential Moving Average (EMA). Should the price breach the $73.79 level, followed by a rise past $74.25, it could halt the current downward trend and initiate a corrective bullish movement.
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The anticipated trading range for today is set between a support level of $72.00 and a resistance level of $75.00.
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Trend Forecast: Bearish
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