Brent oil prices have reached a near-term high, coming close to the previously targeted 72.06 USD level, before bouncing upwards towards the 73.90 USD resistance. However, the price seems to be losing its positive momentum, which raises the possibility of a decline in the near term.
Key Technical Levels:
Support: 71.70 USD
Resistance: 74.90 USD
Forecast:
Sideways Movement: The price is likely to move within a sideways range between 71.70 USD (support) and 74.90 USD (resistance) today. A breakout in either direction will define the next price action.
Bearish Scenario: A break below 71.70 USD would signal a resumption of negative pressure, with the next downside targets being 71.00 USD and 70.00 USD.
Bullish Scenario: A breach above 74.90 USD would likely trigger a bullish move, targeting 75.36 USD as the next resistance level.
Trend Forecast: Sideways
Until a breakout occurs, the trend is expected to remain sideways, with the price consolidating between the 71.70 USD and 74.90 USD range. The direction of the breakout will provide more clarity on the next move.
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