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Brent oil price is showing positive momentum, testing the key level at $72.06 and attempting to maintain its position above it. This move warrants caution, as a confirmed breakout above this level could trigger a bullish wave, with the next target at $73.90. Conversely, a failure to sustain above $72.06 would reinstate the bearish outlook, with potential targets at $71.15, followed by $70.00.
Given the uncertainty, it is advisable to remain on the sidelines until the price confirms its direction relative to the $72.06 level.
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The expected trading range for today is between support at $70.00 and resistance at $73.00.
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Trend Forecast: Neutral
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