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Brent crude oil has seen a clear downward movement, approaching the key level of $72.06. The price is expected to continue declining, with a potential break below this level to target subsequent support levels at $71.00 and $70.45.
Given the current price action, the bearish outlook remains intact for the near term. However, a break above $73.90 would invalidate the bearish scenario, signaling a reversal and the potential for a bullish move toward $75.36.
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Expected trading range for today: $71.00 (support) – $74.00 (resistance)
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Trend forecast: Bearish
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