Brent crude oil prices saw a continued rise yesterday, surpassing the $72.06 level to reach the $73.00 mark. However, the 50-period Exponential Moving Average (EMA50) is proving to be a significant resistance point, and negative signals from the Stochastic indicator suggest the price may face downward pressure in the coming sessions.
The price could drop below the $72.06 level, signaling the potential for a bearish trend. If this happens, a decline toward $71.15 is expected, with further downside targets at $70.00.
For today, a bearish outlook is anticipated unless the price breaches the $73.00 resistance level. A break above this point could lead to further gains, possibly testing the $73.90 area.
The projected trading range for today is between $71.40 as support and $73.40 as resistance.
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