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Brent oil prices encountered substantial downward pressure by the end of yesterday’s trading session, breaking through the $76.84 mark to reach $75.36. Currently, prices are testing this level, which has formed signs of a double top pattern, suggesting further losses in the near term, with the next target set at $73.90.
As a result, a bearish trend is anticipated for today. However, if prices manage to consolidate around the $75.36 level amid the prevailing negative pressure, there could be potential for a recovery, with an initial target to test the $76.84 area.
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Traders should expect today’s price range to fluctuate between a support level of $73.70 and a resistance level of $76.70.
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Trend Forecast: Bearish
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