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Brent oil prices recently tested the $73.00 level and found solid support, resulting in a temporary bullish bias. However, a negative catalyst is needed to drive the price back into the main bearish trend, with the next key target at $71.60.
To maintain the bearish outlook, the price must remain below $74.30. If it surpasses this level, the price could recover and test the key resistance at $75.80 before any further decline.
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Today’s expected trading range is between $71.60 on the support side and $74.60 on the resistance side.
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Trend Forecast: Bearish
