Brent crude oil encountered solid resistance at $73.90, prompting a bearish rebound to test the 50-day exponential moving average (EMA50), which now provides significant support at $73.10. Analysts emphasize the importance of holding above this level to maintain the bullish outlook. A break below $73.10 could lead to further declines, with the price likely to test the $72.06 mark before any renewed upward attempts.
The broader positive trend remains intact, with the next key target requiring a breakthrough of the $73.90 resistance level. Successfully surpassing this point would pave the way for Brent to advance toward $75.36 in the near term.
Today’s expected trading range is between $72.00 as support and $75.00 as resistance.
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