Brent oil prices are showing a bearish bias as they test the $75.36 level, which is a critical point for the continuation of the prevailing bullish trend. For the bullish outlook to remain intact, oil prices must consolidate above this level. A break below $75.36 could shift the market to a short-term bearish phase, potentially pushing prices lower to around $73.90.
If the bullish momentum persists, the next price targets are seen at $76.84, followed by $78.66, should prices break through the $75.36 resistance level.
For today, analysts predict a trading range for Brent oil between a support level of $74.60 and resistance at $77.60.
Trend Outlook: Bullish
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