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Brent crude oil prices reached $73.90 but encountered significant resistance at this level, as market participants await a positive catalyst that could propel prices higher. A successful breach of this resistance could pave the way for a rally toward the next target of $75.36.
The price’s movement above the 50-day Exponential Moving Average (EMA50) suggests a potential upward trend. However, if the price dips below $72.90, it may face intraday losses and test the critical support level at $72.06 before any new upward momentum can take hold.
For today, the expected trading range is between support at $72.20 and resistance at $75.20.
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