Brent crude oil prices have halted their recent decline after successfully retesting the neckline of an inverted head-and-shoulders pattern identified on the chart. This development has sparked new positive trading activity, signaling a potential resumption of the bullish correction trend. Prices are currently approaching the $73.80 mark, with a focus on breaking through this level to pave the way for targets at $75.24 and $76.68.
For today, a bullish sentiment is anticipated. However, it is crucial to note that failure to breach the $73.80 threshold may result in renewed downward pressure, potentially leading prices to test the $72.00 level before any subsequent upward movement.
The expected trading range for today is set between the support level at $72.40 and resistance at $75.40.
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