Brent crude oil prices are currently experiencing negative trading activity, moving toward a critical support level of $73.80. As highlighted earlier today, maintaining prices above this threshold is crucial for sustaining the bullish trend, which could lead to an initial target of $75.24, followed by a potential rise to $76.68.
The Stochastic indicator is signaling a downturn, shedding light on the reasons behind the current price decline. It is important to note that if prices continue to fall and breach the $73.80 support, the bullish trend will be jeopardized, possibly resulting in a further downward trajectory.
For today, the anticipated trading range is between a support level of $73.50 and a resistance level of $76.00.
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