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Brent oil prices are currently moving within a bearish pennant pattern on the chart. A break below $76.60 could trigger a continuation of the downward trend, with potential targets at $75.30 and $74.00.
We maintain a bearish outlook for the near term. However, if Brent oil prices rise above $77.80, this would negate the current bearish pattern and could lead to a recovery, pushing prices towards $79.40.
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Today’s anticipated trading range is between $75.60 for support and $78.50 for resistance.
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Trend Forecast: Bearish
