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Brent crude oil prices experienced a significant decline yesterday, reinforcing the ongoing bearish trend within the established bearish channel. The next major target for the price is projected to be $67.70.
The 50-period Exponential Moving Average (EMA50) supports the continuation of this bearish movement. However, if the price breaks above $70.25, it could lead to a temporary recovery, potentially reaching $71.16 and possibly extending to the bearish channel’s resistance around $72.35 before resuming the downward trend.
For today, the anticipated trading range is between $68.40 (support) and $71.40 (resistance).
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