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Brent crude oil prices have risen, surpassing the $73.90 mark and settling above this level. However, current stochastic indicators show significant negative signals, suggesting a potential reversal. Analysts are anticipating that this bearish sentiment may prompt prices to test lower levels, with an initial target around $72.06.
The market is expected to experience a bearish bias in the upcoming sessions, influenced by a double top pattern identified on the price chart. A key resistance level to watch is $75.36; breaching this level could negate the current negative outlook and trigger a price increase.
For today, the anticipated trading range for Brent oil is between a support level of $72.50 and a resistance level of $75.50.
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