4
Brent crude oil prices opened lower today, reaching the initial target of $72.06. Analysts suggest that a breach of this level could pave the way for further declines, with additional targets set at $71.15 and $70.00.
The prevailing bearish trend remains intact, bolstered by negative pressure from the 50-period Exponential Moving Average (EMA). However, should prices fail to break below $72.06, a potential bullish reversal could emerge, aiming for a test of the $73.90 resistance level.
The expected trading range for the day is between a support level of $70.60 and a resistance level of $73.60.
Related topic:
Is Diesel Fuel Made From Crude Oil?
EIA Reports Increase in Refinery Inputs, Decline in Crude Inventories
