Brent crude oil prices experienced a volatile session, initially climbing past the $76.95 mark to reach $78.50 as part of a recovery effort following recent losses. However, early trading today indicates a loss of positive momentum, with a bearish bias suggesting a potential return to testing support levels.
Analysts observe that Brent oil may be poised to resume its bearish trajectory, focusing on an initial test of the $76.95 support level. A breach below this crucial point could lead prices towards $75.30 and subsequently $74.00, marking key downside targets.
Conversely, a decisive breach above the $78.50 resistance level would signal a continuation of the recent recovery, potentially targeting further gains towards the upper boundary of the bearish channel around $79.85 before considering any renewed downside pressure.
Market expectations for today indicate a trading range bounded by support at $76.00 and resistance at $79.00, highlighting the current levels of market uncertainty and volatility.
Related topic:
What is Gasoline Made of Chemically?
