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The Brent oil price has been displaying a bearish pennant pattern on its chart, indicating potential downward movement. Currently hovering within this pattern, a decisive break below $76.60 is anticipated to trigger further declines, targeting initial support levels at $75.30 and potentially extending down to $74.00.
Analysts suggest that unless the price breaches the resistance level at $77.80, the bearish outlook remains intact. A breakout above this level could invalidate the bearish formation and lead to a potential recovery towards $79.40.
Today’s expected trading range is projected between support at $75.60 and resistance at $78.50, reflecting ongoing market volatility amid these technical signals.
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