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Brent crude oil prices have confirmed a break below $78.80, following a close beneath this threshold last Friday. The price decline today supports the completion of a double top pattern observed on the chart, signaling a potential decline with initial targets set at $75.80, extending to $74.50. A bearish outlook is anticipated in the coming sessions, influenced by the negative pressure exerted by the 50-day exponential moving average (EMA). This trend is contingent upon the price remaining below $77.85, and crucially, below $78.80.
The expected trading range for today is between $75.00, acting as support, and $78.00, serving as resistance.
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