Brent oil prices have found strong support at $73.90, allowing for a bullish rebound as the market prepares to retest the broken neckline of a double top pattern evident on the chart. However, it is important to note that the stochastic indicator has lost its positive momentum, suggesting a potential return to the anticipated bearish trend in the near term. Analysts expect targets for this decline could extend to $72.06.
For the bearish outlook to remain valid, it is crucial for prices to stay below the resistance levels of $75.36 and $75.60. A breach of these levels would negate the current negative scenario, potentially leading to the establishment of a new bullish wave, with initial targets starting at $76.84.
Today’s expected trading range is projected to be between support at $73.20 and resistance at $76.20.
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