Brent oil prices opened today with a bearish sentiment, trading below the $78.66 mark following a noticeable gap down. However, the price appears to be supported by an intraday bullish trend line, indicating a potential recovery. This trend suggests that prices may rise in the upcoming sessions, with initial gains targeting $80.00 and extending to $81.61.
Today’s bullish outlook is bolstered by the 50-day exponential moving average (EMA50), which is supporting the price from below. Nevertheless, should the price fall below $77.80 and subsequently $76.84, the bullish trend may be halted, leading to a potential decline.
The expected trading range for today is set between a support level of $77.20 and a resistance level of $80.20.
Trend Forecast: Bullish
