Brent crude oil prices continued their upward trajectory yesterday, approaching the second target of $76.84. However, the market is now encountering downward pressure, with prices testing the critical support level at $75.36. For the bullish trend to remain intact, it is crucial that the price maintains a position above this support. A breach of this level could lead to a shift toward a bearish trend, with an initial target of $73.90.
Despite the current pressure, Stochastic indicators are showing signs of positive momentum, suggesting that the bullish trend may resume. Should the price successfully break through the $76.84 resistance, the next target would be $78.00.
The anticipated trading range for Brent oil today is between $74.20 on the support side and $77.20 on the resistance side.
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