Brent oil prices encountered significant downward pressure last Friday, breaking below the $73.90 mark. However, today’s trading session opens with a notable rise, allowing prices to move back above this critical level. This upward movement is supported by clear positive signals from the stochastic indicator, indicating potential momentum for the price to continue its expected bullish trend on an intraday basis, with the next target set at $75.36.
Should prices breach this target, the bullish wave may extend further, aiming for $76.84 as the next positive station. Conversely, a break below $73.90 could halt the bullish trend and prompt a decline in prices.
The projected trading range for today is between a support level of $73.00 and a resistance level of $76.00.
Trend Forecast: Bullish
