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Brent oil is currently experiencing a slight decline, approaching the key support level of $73.80. As noted earlier, maintaining a position above this support is crucial to keeping the bullish trend intact. If successful, Brent is expected to first test the $75.24 level, with further potential to reach $76.68 as the next target.
The Stochastic indicator is signaling negative momentum, explaining the ongoing price dip. However, should Brent continue to fall and break below the $73.80 support, it would invalidate the bullish outlook and trigger a downward shift in trend.
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The anticipated trading range for today is between $73.50 support and $76.00 resistance.
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Trend Forecast: Bullish
