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Expected Scenario
Brent oil prices are currently near the $77.18 level, with stochastic indicators showing a loss of positive momentum. This suggests a potential resumption of the main bearish trend within the bearish channel visible on the chart. Our next target is set at $76.00.
Maintaining a position below $78.05 is crucial for the continuation of the bearish trend. If the price breaches this level, it may initiate recovery attempts, leading to intraday gains and testing the $80.08 area before any new negative moves.
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Expected Trading Range
Support: $76.00
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Resistance: $79.00
Trend Forecast: Bearish
In summary, Brent oil is expected to continue its bearish trend towards $76.00, provided it remains below $78.05. A breach above $78.05 would signal potential recovery attempts, targeting the $80.08 area.
