Brent oil prices settled near the $77.18 mark, with technical indicators showing signs of weakening positive momentum. This suggests a potential continuation of the primary bearish trend within the existing downward channel.
The next target for Brent crude is projected at $76.00. Maintaining a position below $78.05 is crucial for the bearish trend to persist. Should prices breach this level, it could trigger a recovery attempt, with intraday gains potentially reaching the $80.08 area before any new downward movement.
Expected Trading Range
Support: $76.00
Resistance: $79.00
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