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Brent oil prices reached the anticipated target of $73.90 and have stabilized at this level. Analysts suggest that a break below this threshold could trigger further losses in the short term. The price action appears to be forming a double top pattern, which is expected to drive the market towards the $72.06 region.
As a result, a bearish trend is anticipated to persist in the near term, with a key resistance level at $75.36. For the bearish momentum to continue, prices must remain below this level.
The expected trading range for today is between $72.20 on the support side and $75.20 on the resistance side.
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