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Brent crude oil prices saw significant losses yesterday, hitting a low of $72.06, marking the achievement of the second target level. This decline was driven by the formation of a double top pattern on the chart, signaling further downward pressure. The next key support levels are seen at $71.20 and $70.65, suggesting potential for continued negative movement in the coming sessions.
However, if prices fail to drop below $72.06, a reversal could occur, potentially triggering a short-term bullish rally toward the $73.90 area before a clearer direction emerges.
For today, the expected trading range is between the support level at $70.20 and resistance at $73.20.
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