Brent crude oil prices experienced a significant decline in recent sessions, falling below the initial target of $73.90. This move confirms the continuation of a bearish trend, with analysts predicting further decreases that could see prices drop to $72.06.
Market indicators suggest that the bearish sentiment will persist in the near term, primarily due to negative pressure from the 50-day Exponential Moving Average (EMA). However, should prices break above the $73.90 level and subsequently the $75.36 mark, this could halt the current downtrend and potentially reverse the market direction toward an upward trajectory.
Traders should be aware of the expected trading range for today, which is set between a support level of $71.80 and a resistance level of $74.80.
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