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Brent oil prices fell sharply yesterday, approaching a target of $75.78. Despite a minor bullish signal due to stochastic positivity, the overall bearish trend is expected to continue. A breach of the $75.78 level could drive prices further down to $74.75 and potentially to $73.90.
The 50-period Exponential Moving Average (EMA50) exerts continued negative pressure, reinforcing the bearish outlook. However, a rise above $77.20 could halt the current downtrend and lead to gains, starting with a test of $78.80.
Today’s trading range is projected between $74.50 as support and $77.50 as resistance.
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