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Brent oil prices have opened today with a significant bearish gap, falling below the $73.90 mark and approaching the anticipated negative target of $72.06. Current stochastic indicators suggest continued bearish momentum in the coming sessions. A breach of the $72.06 level would likely lead to further losses, potentially extending down to $70.90.
Given these conditions, a bearish bias is expected for today. However, should the price rise above $73.90, it would negate the anticipated negative pressure, allowing for a recovery and potential gains that could see prices rise to around $75.36.
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The expected trading range for today is between a support level of $71.00 and a resistance level of $74.00.
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Trend Forecast: Bearish
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