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Brent oil prices ended yesterday on a positive note, retesting the broken neckline of the double top pattern visible on the chart. Despite this retest, stochastic indicators show a significant loss in positive momentum, suggesting that the price may resume its downward trajectory, with the next main target set at $75.80.
To maintain the bearish outlook, Brent oil must remain below the $78.80 level. A breach above this threshold could shift the trend, potentially initiating a new bullish wave with targets around $80.65.
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Today’s anticipated trading range for Brent oil is between $76.10 for support and $79.10 for resistance.
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Trend Forecast: Bearish
