Brent crude oil prices have witnessed a notable downward trajectory, experiencing a clear bounce below the $79.10 level and reaching a critical support point at $77.44. The market’s current trend indicates a continuation of negative momentum as the price endeavors to sustain levels below this crucial support. This development effectively halts the previously suggested positive scenario, prompting a resumption of the bearish trend within the established bearish channel visible on the price chart. The next anticipated targets for the downside movement are identified at $75.80, followed by $74.50.
The Exponential Moving Average with a 50-day period (EMA50) is exerting downward pressure, reinforcing expectations for the ongoing decline. It is essential to monitor the price action closely, with a particular focus on the pivotal support level at $77.44. Failure to confirm a sustained breach of this level may lead to potential recovery attempts, directing the price toward an initial test of $78.75.
Traders are advised to consider the expected trading range for the current session, with a support level at $75.50 and resistance at $78.50. The prevailing trend for the day is anticipated to be bearish, contingent on the price’s ability to maintain critical support and broader market conditions.
