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Brent crude oil prices experienced a notable surge yesterday, approaching the $78.00 mark. However, technical indicators, specifically the stochastic oscillator, are showing overbought signals and a potential negative overlap. This suggests a bearish momentum that could lead to a price decline. Analysts anticipate the start of a new downward trend, with the price potentially targeting the $75.78 level.
Given these indicators, a bearish outlook is expected for today. Nevertheless, if the price surpasses the $77.75 threshold, it may continue to rise and test the $78.80 level before any new bearish movement occurs.
For today, the anticipated trading range is between $75.60 on the support side and $78.60 on the resistance side.
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