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Brent crude oil prices experienced additional declines yesterday, testing the support line of the bearish channel depicted on the chart. The price has since rebounded, showing bullish momentum and potentially moving towards the channel’s resistance level around $81.40.
Given the stochastic positivity, we anticipate further gains in the coming sessions. However, if the price breaks below the $79.70 level and subsequently the $78.90 level, the bullish trend may be halted, leading to a resumption of the primary bearish trend.
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Today’s anticipated trading range is between $78.60 support and $81.50 resistance.
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Trend Forecast: Bullish
