Brent crude oil prices have rebounded, climbing after testing the $73.90 level in previous trading sessions. The price is now approaching a key resistance level at $75.36. However, momentum indicators such as the stochastic oscillator are showing a clear loss of positive momentum, suggesting a potential resumption of the bearish trend.
To confirm the continuation of this downward movement, Brent prices would need to break below the $73.90 mark, paving the way for a further decline towards $72.06.
On the upside, breaching the $75.36 resistance level, followed by $75.60, would invalidate the bearish outlook and likely trigger a new upward trend in prices.
The expected trading range for today is between the $73.00 support and $76.00 resistance levels.
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