The Brent oil price concluded the previous session with evident negativity, breaching the 77.44 level and settling below it. This suggests a potential attempt to revert to the primary bearish trajectory. However, the price confronts robust support established at the previously breached resistance of the bearish channel evident on the chart. Concurrently, stochastic indicators exhibit positive signals, which may contribute to pushing the price for a recovery.
Given the conflicting technical factors, a cautious approach is recommended until the price unequivocally determines its next direction. It is noteworthy that a break below the support level of 76.60 could propel the price to sustain its decline, targeting negative objectives commencing at 74.70 and extending to 73.35. Conversely, breaching the resistance at 77.44 holds the key to initiating a new bullish wave, with the initial targets positioned around 79.15.
The expected trading range for today is anticipated to oscillate between the support level of 75.40 and the resistance level of 78.70.
Today’s expected trend: Neutral
