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Brent oil prices fell significantly yesterday, continuing the main bearish trend within the established bearish channel. The next key target for prices is $67.70.
The 50-day Exponential Moving Average (EMA50) supports the continuation of this bearish trend. However, if prices rise above $70.25, a recovery may occur, potentially leading to intraday gains that could test $71.16 and possibly extend to the resistance level around $72.35 before any further declines.
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Today’s expected trading range is between $68.40 for support and $71.40 for resistance.
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Trend Forecast: Bearish
