Brent crude oil prices experienced significant downward pressure by the close of trading yesterday, breaking below the $76.84 mark to settle at $75.36. This decline has prompted concerns of a potential double top pattern, suggesting further losses in the near term, with a target of $73.90 as the next level of support.
Market analysts are anticipating a bearish trend for today. However, should the $75.36 level hold against the prevailing negative pressure, a price recovery may occur, allowing for potential intraday gains, particularly if the price tests the $76.84 area.
The projected trading range for Brent oil today is expected to lie between a support level of $73.70 and a resistance level of $76.70.
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