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Brent oil prices continued their downward trend yesterday, approaching our target of $75.78. Currently, there is a slight bullish bias due to positive Stochastic indicators, but the overall bearish trend is expected to persist. A break below $75.78 could lead to further declines towards $74.75 and $73.90.
The 50-day Exponential Moving Average (EMA50) continues to exert downward pressure, reinforcing the bearish outlook. However, if prices exceed $77.20, the negative trend could reverse, potentially leading to gains and a test of $78.80.
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Today’s anticipated trading range is $74.50 to $77.50.
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Trend Forecast: Bearish
