Brent crude oil prices briefly reached $75.36 per barrel but encountered significant resistance at that level, prompting a bearish correction. The price now appears poised to test the critical support at $73.90 before potentially resuming its upward trajectory. This retracement aligns with negative signals from the stochastic indicator, suggesting a temporary dip.
Despite the current bearish bias, the overall outlook remains bullish as long as the $73.90 support level holds. A decisive breach above $75.36 would signal the continuation of the bullish wave, setting the stage for a potential rally toward the next target of $76.84 per barrel.
For today, the anticipated trading range is forecasted between the support at $73.90 and resistance at $76.70, with market movements hinging on key technical thresholds.
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