Brent crude oil prices have dipped below the critical $72.06 mark, closing the latest daily session beneath it. This movement strengthens expectations for the continuation of the prevailing bearish trend, with further downside potential. If this trend persists, prices could target new lows, starting at $71.15, and possibly extending to $70.00, should the $71.15 level be broken.
The downward pressure is being further supported by the 50-day exponential moving average (EMA50), reinforcing the outlook for a bearish wave. This trend will remain intact unless prices rally and break above $72.06, holding above it.
The anticipated trading range for today is between the support level at $70.00 and the resistance at $73.00.
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