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Brent oil prices traded lower yesterday, testing the $72.06 level. A break below this key support level could pave the way for further bearish movement, with the next targets seen at $70.85 and $70.00.
The negative pressure from the 50-day Exponential Moving Average (EMA) supports the bearish outlook. However, if the $72.06 level holds firm, it could trigger a recovery, pushing prices towards the $73.90 level.
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Today’s expected trading range is between $70.50 for support and $73.50 for resistance.
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Trend Forecast: Bearish
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