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Brent crude oil prices closed below the $78.80 mark yesterday, reinforcing expectations of a continued bearish trend in the short term. The price is projected to target $77.60, with a further decline possibly reaching $75.80.
Despite this bearish outlook, the current positive stochastic indicator may lead to some minor fluctuations before the anticipated downward trend resumes. If Brent crude breaks through the $78.80 resistance level, it could negate the current downward pressure and initiate a recovery, potentially aiming for an initial target of $80.65.
For today, the expected trading range for Brent crude is between a support level of $77.00 and a resistance level of $79.65.
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