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Brent oil prices have extended their decline, reaching our anticipated target of $77.75 and subsequently hitting a recent low of $76.95. The bearish outlook remains intact, with expectations for further declines, potentially targeting the $75.30 area.
For the bearish trend to continue, Brent oil must stay below $78.50. A breach of this level could lead to short-term gains and a test of the $79.70 mark before any new attempts to decline.
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Today’s anticipated trading range is between $76.30 for support and $79.40 for resistance.
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Trend Forecast: Bearish
