Brent oil prices experienced a decline yesterday, reaching the 72.06 support level, before rebounding to trade around the 73.00 mark. The price may test the resistance of the sideways range at 73.90 in the coming sessions.
Currently, the market remains in a sideways range, with price movements confined between key levels. A break above 73.90 could trigger further gains, with the next target at 75.36. Conversely, a break below the support level would suggest a bearish scenario, potentially leading to intraday losses that could extend to 71.00 or even 70.00.
Expected Trading Range: Support at 71.50, Resistance at 74.50.
Trend Forecast: Sideways
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