Brent crude oil has seen a decline in recent intraday trading, as it broke a prior bearish correctional trend. The shift follows the emergence of negative signals on the Relative Strength Index (RSI), which reached overbought territory. Despite this, the price remains supported by the 50-period Exponential Moving Average (EMA50), which has helped stabilize prices in the previous trading sessions.
Given the current market dynamics, it is expected that Brent crude will continue to face downward pressure in the upcoming intraday trading. Should the support level hold at $65.00, the next target could be the $62.00 mark.
The anticipated trading range for today is between the $63.65 support level and the $66.60 resistance level.
Forecast for Today: Bearish
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