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Brent crude oil prices experienced positive movement yesterday, nearing the significant resistance level of $78.80. However, the prices subsequently dropped sharply, resuming the anticipated bearish trend for both intraday and short-term forecasts. Currently, Brent crude is testing the $77.00 support level, with a potential to breach this barrier and move towards the next target of $75.78.
In light of these developments, the bearish outlook is expected to continue. Should the price exceed the $78.80 resistance level, it would negate the current bearish trend and potentially shift the price direction upwards.
For today, the trading range is projected to be between the support level of $75.50 and the resistance level of $78.50.
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