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Brent oil prices reached the $75.36 level, encountering strong resistance, which has prompted a slight bearish bias. The price may now test the key support level at $73.90 before potentially rebounding. This is especially likely as the stochastic indicator signals negative momentum.
Despite the short-term bearish movement, the overall bullish trend remains intact as long as the $73.90 support holds. A breach of $75.36 would confirm the continuation of the bullish wave, with the next target set at $76.84.
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The expected trading range for today is between $73.90 (support) and $76.70 (resistance).
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Trend Forecast: Bullish
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